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WE converted from Coop to Condo in 2007. We changed management and were unfamiliar if Condos get property tax abatements so we asked our new management . Our new managements said no Condos do not get them ( I was a President at the time as I recall). We stupidly believed them for why would they lie?. Well in 2016 I was speaking to a City employee for the DOB and they said Condos most certainly are entitled to Property tax abatements. They emailed me a form and I confronted our management with the form. They then said that it is only for new condos, another lie (fool us once , but not twice). I said where does it say that??. I made them fill out the forms but it took a year to get everyone's SS# (which they really should have had all along if you asked me) We still did not get anything only for them to say they put the wrong code in and we should get them retroactive for those two years that I made them apply for. We should get it in October--well October came and went no tax abatements.
Then the CEO said the tax abatements on a Board member's tax bill who had some credit of 3 dollars was the tax abatement( was not listed as a tax abatement, just a credit). Ridiculous!. I know we use to get $450 or there about as a coop. Is he kidding?? I called the DOB and they said we should get tax abatement approx. $1,000.00 per unit and we should be getting it.
WE lost out all those 10 years of having our taxes reduced by 28.1 percent due to managements lies to us that Condos do not get tax abatementst. Approximately $1,000 per unit. One Board member said it was just due to laziness on managements part and shrugged it off. No way should that much money be shrugged off. What can be done besides just contacting an attorney. Any suggestions?. How are condo tax abatements dispersed? I will also call the DOB to find out for I do not trust management.
I do hope you fired and changed your managing agent, lawyer and most of all your accountant. This is one reason why managing agents must be changed every so often. They get too comfortable. The Habitat has great information on all managing agents, so do your research and interview them very carefully. I also would advise you to hire an independent auditor to go over your books. If by chance your managing agent has taken your Tax Abatement for 12 yrs. this is called Grand Larceny. Best of Luck
I don't think they could take our money for I called the City and for Condos the abatement is automatically deducted from the tax bill...(we converted from coop to condo)They never get to touch it, as apposed to a coop it goes to the building and management is suppose to give you credit on your maintenance, That WAS done to us as a coop, The sponsor management put the money into the building to run it instead of giving it to us, The sponsor and that management are LONG gone! We now have no sponsor now..
started this string about out management deceiving us all these years (over ten years ) that condos do not get property tax abatements. I am a Board member. I found it the Property tax abatements were about $1,000. a year in reduction of taxes. Seem the new Board thinks the management is just lazy and scoffed it off and does not want to do anything about it , cheating the unit owners of all this lost monies. I was thinking to go rouge and contact an attorney to see what can be done, than contact the unit owners and start a class action lawsuit ? This management has done not so ethical things in the past. This board seems not to care. What is your opinion??
I remembered reading this article and although they were self managed, they were being embezzled by the co-op' s bookkeeper/office manager and a few others were profiting from the situation.
You might find the action they took to resolve their problem helpful.
https://www.habitatmag.com/Publication-Content/Legal-Financial/2016/2016-February/Self-Mis-Managed
https://www.habitatmag.com/Publication-Content/Board-Operations/2016/2016-August/Lindenwood-Followup
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Start with contacting the attorney. You'll need to know your legal rights and the best way to approach the issue so you get the maximum $$ owed to everyone.
The attorney should also be able to help you determine if there's any statute of limitations involved, which might affect your approach to the situation.
The attorney may be able to determine if the management company committed fraud if they lied to you. If so, that could provide you with leverage in your discussions/negotiations with the management company.
Get all the info before you contact management so you know what your chances are.
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