HABITAT
Fighting Unjustifiable Tax Escrows, p.2
Finally, if there is a legitimate shortfall in the escrow account, make sure your management company argues hard for a reasonable amount of time to pay it. In the end, says Dubenski, "most banks will take the shortage over 12 months."
What the Tax...?
In July 2008, the New York City tax rate was 11.928 percent. That December, the city increased it to 12.596 percent — retroactive to cover the whole fiscal year from July 1, 2008. That means that for the next two quarters, the effective property tax rate was 13.053 percent. The rates swelled again in July 2009 as the city turned that effective rate for the first half of the year into the new, ongoing official rate.
Adapted from Habitat October 2009. For the complete article and more, join our Archive >>
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