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Does anyone know the date by which the annual tax abatement must be distributed do shareholders in a coop? I have heard it is by the end of the fiscal year (aka June.) If you have a link that would be great. Thanks!
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I found this quote online:
"Distribution of Abatements in Co-ops. The law requires that the tax year 2012/2013 abatement distributions be credited to owners “when received.”11 Historically, although no deadline is stated in the statute, the Finance Department has interpreted this language to mean that the credit must be issued to owners by the last day of the city’s tax year for which it was credited to the co-op’s tax bill. In previous years, the Finance Department issued Break Down Letters in November, which allowed co-op managers to distribute the credit within the remaining months of the city tax year, which ends June 30."
You can read the entire document (from a well-known real estate law firm) here: www.stroock.com/siteFiles/Pub1336.pdf Last page, middle column.
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