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We are also intrested in an answer to below question about Tax abatement... Any takers?
AliceT
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
Thank you for your info/response. We too are being given the run-around. Unfortunatly this hit almost 20 SH... and counting. The MA cannot even produce a list of SH who bought during the last three years...
We have just fired out MA, and my advice to every bM is to start checking the financial reports and follow up on work being done... Ask SH to cc all BM on complaints sent to the MA.
And even if you think your MA is doing a great job, keep an Email trail,, I dont have the time or space to list (two pages) all the mis-manangement (sh/financial/building) issues we had.
AT
Yes; we require the managing agent to keep records of all the business and we review it quarterly.
SO WHY DON'T YOU MENTION IT TO THE NEIGHBOR; NEIGHBOR?
First - it is a 2 fold situation.
The city does send out a form for all shareholders to respond to and second, the M/A gets a report from the city to update any new shareholders, and they report back to the city. They must have the s/h SS# or the s/h will not be issued a credit.
A report is sent to the agent annually, showing all apts and who is getting what credits. I recommend that you get your hands on a rentroll and a copy of this report and compare the names on it. You then may have to have the agent fix it and resend to the city, but there is a time cut off as the July taxes have already been billed and will not be revised with and changes.
The report also has a phone number on it which you can call or email.
I don't think that the city will do any retro credits, but it adjust the credits going forward.
It is the responsibility of the agent to review, update and submit this report every year to the city and for each s/h to supply the city with the completed forms that they send out. If one was not rec'd by the city, you should call the number on the report and they will assist you.
Good luck..
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We had a single instance where a shareholder was not getting the tax abatement. (Technically, the coop was not receiving a tax abatement for his share of the ownership of the building, so there was no money for the coop to return to him; it's not as though the coop were pocketing it.) The managing agent never noticed the shareholder's exclusion, even though they had records of everybody else getting it and DOF reported that he was excluded because his social security number was not on file with DOF(something that could easily have been corrected had anybody at the managing agent been paying attention). After the coop treasurer noticed this and brought it to the managing agent's attention, they blamed the shareholder (whom they never notified that he should file that info directly with DOF) and claimed that they didn't have his social security number in the first place. BS. Of course they had it; the got it when he acquired the shares about 3 years earlier. In my opinion, it was nothing but blame shifting. In any event, I believe both the shareholder and the managing agent then reported the SS# to DOF, and he is now geting the abatement. To my knowledge, nobody tried to find out whether he could get back-abatements from DOF.
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