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If I sell my co-op In January, and am relocating to another state, do the Enhanced star exemptions stay with the unit until next year?
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Some of you may remember me from 2019 but I posted the similar question about abatement.
I ended up suing the management company and the new owner (buyer) for taking our 2 year abatements.
The status date is 1/5 and we sold the coop 3 weeks later. Abatement is given by the city in chunk to the coop in December and distributed in the following spring so ours from 2018 was given to the new owner in 2019 and as we were still the owner on 1/5/2019, they received it again in 2020. I contacted DOF and they sent the abatement records showing our name.
Star abatement on the other hand stays with the unit. It’s written somewhere official.
If you plan on selling your coop and has abatement, please make sure you sell it after 1/5 and at closing discuss about the 2 years abatements.
I needed those abatements as our new coop charged us assessment but the previous owner wasn’t eligible for the abatement as he was an investor so we had no abatement we inherited from him to cover the abatement. We had to pay the assessment out of pocket.
As the small claims court is practically closed we don’t know when our case will be heard. I was hoping to report back here once it happens.
Thank you. Very helpful information. .:-)
To the "Coop Condo abatement - OG Nov 26, 2022" who wrote about having to sue the Mgmt and new owner.
First, thank you for writing about your experience and could you please share more?
Did the atty who handled your sale contact the buyers atty first?
Why doesn't the error clause in the contract enable you to rectify this matter after the closing?
What was Mgmt's reason for denying you STAR?
Would you please provide the link or where does one search for the details in this matter. Thank you.
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I have very little experience with the situation you describe. I recommend you contact the Board of Finance, they should be able to help you. If I remember correctly, there is a hard cut-off date that your co-op apartment needs to still be your primary residence for you to get any exemptions or the R/E tax abatement.
Good luck, and please let us know if you get an answer from the DoF
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