HABITAT
Subscribe for Daily Updates!
I need some expert help here on the Star credits. We pay our school taxes according to number of shares. When the credits roll around, EVERYONE gets the same credit....1 bdrm. 2 bdrm. 3bdrm. Is every coop like this or is something fishy here? The town sends a ledger sheet to the management company with the names of those on the program. The town does not do the allocations, the management company does. It just seems a little lopsided.
We are a Suffolk county, Long Island community.
Your input is greatly appreciated. Thank you.
Do you also charge each unit based on shares for common electricity use, water, sewer, heat, hot water, etc? Usually that's taken into account by charging maintenance, which divides up the annual common costs based on shares. I would credit the shareholders the amounts provided by the town, not basing it on shares. I believe STAR is considered to be a tax reduction and is reportable on your tax return.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Hi,
For our co-op, we are very careful not to de facto create another class of shares by allocating one way for one item and then another way for another item. I would strongly suggest that the STAR Credit be given back on a per share basis.
Good luck!
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.