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I need some expert help here on the Star credits. We pay our school taxes according to number of shares. When the credits roll around, EVERYONE gets the same credit....1 bdrm. 2 bdrm. 3bdrm. Is every coop like this or is something fishy here? The town sends a ledger sheet to the management company with the names of those on the program. The town does not do the allocations, the management company does. It just seems a little lopsided.
We are a Suffolk county, Long Island community.
Your input is greatly appreciated. Thank you.
Do you also charge each unit based on shares for common electricity use, water, sewer, heat, hot water, etc? Usually that's taken into account by charging maintenance, which divides up the annual common costs based on shares. I would credit the shareholders the amounts provided by the town, not basing it on shares. I believe STAR is considered to be a tax reduction and is reportable on your tax return.
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Hi,
For our co-op, we are very careful not to de facto create another class of shares by allocating one way for one item and then another way for another item. I would strongly suggest that the STAR Credit be given back on a per share basis.
Good luck!
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