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Over the past 3-4 years, S/H who bought apartments in our building, were not getting credit for their cooperative rebate from NYC This problem seems to have began when we hired a new MangCompany three years ago. (Who, as of July no longer works for us)
The complaints or questions from S/H to the Management agent, – has only reached the board, due to the fact that a BM bought his apartment during this time and was charged... (We have a 30/70 allocation. 30% going to the SH, and 70% to the buildings reserve fund. This is to cover assessments etc…)
Last year (and this year, until the Board became involved) the Mang company replied to SH that they were looking into it. When the Board notified ALL the S/H of the problem the feedback began trickling in. Some S/H did not realize that they were due a rebate
QUESTION: Who is responsible for filing the new SH info with the city? The Buyer (through his/her attorney], the Management Co., the Coop’s attorney??
-The Management first claimed that it was the SH lawyers fault. That the Coops attorney, the seller or someone else. Is responsible for recording the shares.
-The Management Co now claims that the NYC records are (years?) 'behind' and that some SH are not recorded in the NYC books OR they have not paid [what?] taxes on their property and therefore are not recognized/eligible for the refund.
-However, if taxes were owed by new S/H's from the date of purchase, it seems inconceivable that they would not be 'chased' by NYC for collection of unpaid taxes.
The Management Co. says that they are investigating with the City/State But the MangCo is not able to produce a roll of the SH who have been unduly assessed. (One of the many reasons they were fired, was their inability to keep the most basic records – such as a SH list)
This investigation began after the Board learned of this situation this year, and the complaints became more vocal, We are not trying to Blame the MangCo, but are having trouble getting a straight answer. It would seem that this would be something a MangCo would know about, and when it came to their attention last year, they should have notified the board – or advised the SH to register with the City..
Any info appriciated... Thanks...VP
This announcement just in from CNYC:
GOVERNOR SIGNS ABATEMENT EXTENDER
On June 11, 2008, Governor Paterson signed into law legislation introduced by Assembly Speaker Sheldon Silver and State Senator Frank Padavan, which extends for four more years the property tax abatement program for home owners in New York City cooperatives and condominiums. This timely enactment enables the Department of Finance to include the abatement in its property tax bills for July 1 payment as fiscal year 2009 begins. CNYC and its Action Committee for Reasonable Real Estate Taxes thank our elected officials for this important legislation. Thanks also to member cooperatives and condominiums for their letters and calls in support of the extender. The CNYC Newsletter will provide members with more details.
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You say "tax abatement," then "coop rebate;" they're very different animals.
The property tax rebate is a periodic refund of a few $100 per condo or co-op. [With current NYC fiscal conditions, we probably won't see this again soon.]
The more serious tax abatement is a reduction generally ranging from 17.5% to 25% of each owner's total property tax bill; this is an effort to equalize apartment taxes with single family residence taxes, & recurs each year.
Most of what you need to know is explained here: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_coop_condo.shtml
Don't miss the "owner's guide" link at the bottom of the page.
Basically, the Board applies. If the agent files, it's in the Board's name. Have a Board officer send a letter to the Finance Dept. requesting copies of the full application for all the years in question. You'll find out quickly where you stand, & can make necessary corrections.
Finance will, when shown appropriate documentation, make corrections for errors made in past years & issue credits to owners or their banks [without interest, of course]. If errors were made by your agent, they'll be apparent, & the agent should be on the hook for owners' lost interest.
The claim that "NYC records are years behind" is bogus. Why you don't want to hold the agent accountable--if the error was theirs--is a mystery.
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