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What are the consequences to the property manager if the revisions to the star exemption were received but not distributed to the shareholders by June 30th?
Does the DOF give extensions to P.M.'s?
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Were the STAR revisions/updates not received in time by the DOF to qualify for this year, or were they properly processed, the MA has the list of rebate amounts, and the treasurer has simply not credited the abatement against the monthly maintenance?
Remember that there is no actual transfer of funds from the DOF to the co-op for the abatement. Instead, the co-op receives a list from the DOF showing the amount of the abatement for each apartment. It is then an obligation of the co-op to pass the abatement on to each shareholder. This is usually done by issuing a one-time credit against the monthly maintenance for the amount of the abatement.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.