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Share Holder AbatementJun 20, 2007


I bought a co - op about 14 months ago. I just got an assement for this year. I have to pay double the maintence for this month. The problem is no one I speak to has to pay this but me. They all received a shareholder abatement for this year. The co - op board held their abatement instead of charging them for this assesment. The property manager says its my responsibility to file for the abatement. I spoke to people who claim to have never filed for this abatement. They received it anyway. Is there anywhere I could look to see who is responsible for filing for the NYC Shareholder abatement?????

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Cooperative and Condominium Abatement - AR Jun 20, 2007


Your managing agent did not inform you correctly.

It is the shareholders responsibility to apply for the star/veterans/clergy tax abatements. The Cooperative and Condominium Abatement yo are refering to is provided to each apartment (with exception to sponsor and investor units). It is the managers responsibility to update the form sent to them each year by the NYCDOF and return it on time. However; even if he neglected to do so, and unless it was an exempt unit, you still should have recieved an abatement under the prior residents name, then transferred to yours.
Also, 14 months indicates that you will be missing the 07-08 abatement also, so make sure this is done.

You can see the website below for more info, call your manager, his director if you must, but do not lose out on this.

http://www.nyc.gov/html/dof/html/property/property_tax_reduc_individual.shtml


Best
~AR

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Bought from sponsor? - Steve Jun 20, 2007


Hi, Michael,

Did you buy your apartment from the sponsor?

Steve

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Did not receive the abatement - AdC Jun 21, 2007


In addition to sponsor units, there are individuals who do not file for the credit or abatement because the unit was not their primary residence or just PURE AND SIMPLE NEGLECT.

However, don't worry about it, when you receive an abatement you must declare it through your tax form. Therefore, your tax deduction is reduced. So, in all, your tax contributions continues to be perhaps the same or perhaps you may safe a couple of $$.

AdC




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Re: Share Holder Abatement - AR Jun 21, 2007


You can also email Ata: (he works for the DOF, and is the one to process the applications) He may be in a position to assist you better by explaining exactly why you did not recieve it and what you can do now to ensure you are going to recieve it going forward.
He has helped me alot in the past.

CoopabaT@finance.nyc.gov

~AR

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