The Bell Tolls for Co-ops - Increasing Mortgage Tax on Co-Ops

wow, did not know anything about this until I saw it on in the papers.... you have to figure whatever extra "cost" will come out of the value of the apartments... http://www.observer.com/2010/real-estate/bell-tolls-co-ops# "In the governor's cross hairs are loans for co-ops, which have long been free of taxation while taxes on equivalent condos and houses run between 2.05 percent and 2.175 percent... [more]

wow, did not know anything about this until I saw it on in the papers.... you have to figure whatever extra "cost" will come out of the value of the apartments... http://www.observer.com/2010/real-estate/bell-tolls-co-ops# "In the governor's cross hairs are loans for co-ops, which have long been free of taxation while taxes on equivalent condos and houses run between 2.05 percent and 2.175 percent of any mortgage. The budget seeks to allow the city to slap this mortgage recording tax onto co-ops, swinging the tax lasso around a cash source that has been eyed-but untouched-by city officials since at least the days of Ed Koch. The tax would mark another step in the assimilation of the co-op, an outlier housing type that was once beyond the reaches of many housing rules and laws, and it would bring in, by the mayor's count, at least $50 million annually in revenue for the city." [less]