HABITAT
Subscribe for Daily Updates!
Is it legal for the board & mgt. to spread the payment of the annual star rebate over a period of 6 to 8 months? My co-op combines the rebate with an assessment and does this every year.
I thought that the rebate is supposed to be paid to shareholders all in one month.
Thanks for your help AdC! I totally agree with you, the STAR program seems to be a Holiday Club for my co-op. We have an assessment every year (even after maintenance increases)! Guess it's a difficult habit to break.
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!
It could be spread over a period of 11 month after it is declared. Please note that STAR is a reduction of taxes; so it stands to reason that the year goes for 12 months out of which you get the reduction. Consult the NYS assessor's office whose e-mail is given below:
http://www.orps.state.ny.us/star/cooperative_apartments.htm
If you get assessed when STAR is declared, it may be that the co-op did not collect enough money for taxes during the prior year and, in order to pay shareholders, it first needs to assess for the full tax not collected for the year. Frankly, I detest STAR in co-ops as it becomes the greatest Holiday Club ever invented.
AdC
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.