HABITAT
Subscribe for Daily Updates!
New owner as of June 2013 might have to pay the extra money because it works as follows:
The 50% abatement adjustment is for fiscal year 2012/2013 and is based on ownership on January 5, 2012.
The current billing year (july 1013-June 2014) is based on ownership on January 5, 2013.
They are eligible for the abatement for fiscal 2014/2015, which is based on ownership as of January 5, 2014 and will appear on bills beginning on July 1, 2014.
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!
MNT, I believe you have it exactly right. Thanks for the concise summary and example. Of course I'm not the Dept. of Finance and have no special knowledge of their reasoning.
The explanation I was thinking about came from the Autumn 2013 newsletter of CNYC. Here's an excerpt - and again, I have no special way of knowing whether this is 100% correct:
"Note that property taxes bills [sic] for each fiscal year that begins on the 1st of July are based on a snapshot in time of ownership data on the previous January 5th. Thus the adjustments made retroactively for fiscal 2012/2013 addressed ownership of units and shares on January 5, 2012. Bills for fiscal 2013/2014 look at ownership [as] of January 5, 2013."
(Anybody know why the DOF chose Jan. 5 instead of Jan. 1? I had remembered that part incorrectly. Can the date change from year to year?)
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.