NYC coop and condo owner tax abatement question

Anyone knows more about this considering its almost end of year?

The DoF hasn't changed its message: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_coop_condo1.shtml

Bit off your direct question, but fwiw:

Due to the uncertainty of the STAR abatement continuing, the most prudent thing a coop board can do is not to include the rebate (if it is being captured currently as an assessment by the building) in the operating budget. Better to move any revenues from the abatement to the reserve fund. That way, if it isn't continued, the coop's operating budget is not affected and there need not be a sudden increase in maintenance to cover the lost revenue. If it does continue, then the building benefits by increasing reserves in a way that is basically painless for the shareholders.

i would guess that 97% of coops aren't doing this.

Is this involving new construction abatements that are currently going out 20 years or so? Ouch! Or things having to do with the entire building but not individual units? This is the first I've heard of this.

It's for owner-occupied co-ops and condos, and was renewed: http://in.reuters.com/article/2012/07/06/newyorkcity-apartments-idINL2E8I60GI20120706

For my co-op, taxes are $920K with it and would be $1.07M without it.

STAR is different -- http://www.nyc.gov/html/dof/html/property/property_tax_reduc_star.shtml -- and saves us only about $10K.

NWT, they have not renewed for owner-occupied co-ops and condos. They still need to do it before end of year. This is what nyc.gov says:
http://www.nyc.gov/html/dof/html/property/property_tax_reduc_coop_condo1.shtml

Yes, that's the same link I gave you five posts up.

Cuomo, the Assembly and the Senate have agreed to the renewal, but until it's final the DoF can't change its message.

My lawyer informed me that there is a possibility they might not sign it. So trying to figure out if anyone has any updates.

comes up every two years. Not renewing would be a sneaky way to raise real estate taxes without raising them..

But we just received and paid our tax bill until mid-2013.

Cuomo, the Assembly and the Senate have agreed to the renewal, but until it's final the DoF can't change its message.

NWT: Do you think the costs of Sandy might affect the prospects of a renewal?

It may look like easy money, but they wouldn't want to take the heat for hitting co-op/condo owners rather than all property owners. On the other hand, maybe they figure those voters whine less than others.

http://mycrains.crainsnewyork.com/blogs/insider/2012/11/condo-co-op-tax-uncertainty-risks-chaos/

apt23
about 8 hours ago
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NWT: Do you think the costs of Sandy might affect the prospects of a renewal?

It is uncanny how apt23 always picks up on a tragedy or negative news.

star is tiny compared to the abatement.

Do all coops and condos get this?

I'm curious about 'Enhanced Star' which indicates that seniors with annual incomes of $79K or less are exempt from taxes. Am I reading this correctly? and how would this affect a building - a building that may have many seniors in this financial category (owner occupied).

bob420 - I'm hardly an expert having just learned about this abatement recently myself, but my understanding is that it is for all owner-occupied coops & condos that do not benefit from any other prop tax abatement or exemption. The abatement was renewed a couple weeks ago. Here's a fact sheet:

http://www.nyc.gov/html/dof/downloads/pdf/property/coop_condo_fact_sheet.pdf

How does that work with coops? It seems that the entire coop is taxed a certain amount and then divided up. I don't receive anything at the end of the year except an amount which is my share of the real estate tax based on number of shares. How do they know if individual units are primary residence or not?

Our coop does the STAR thing and then assesses back the amount but that is the only thing I know of.

The DOF abatement application asks for ownership information for each of the units. I don't know if they require yearly updates to this information, a coop board member would know this. The recent abatement renewal has some new restrictions, such as limiting the abatement to an owner's PRIMARY residence and 2 additional units in the same building (if the owner has 4+ units in one building, none gets the abatement, even if one is the owner's primary residence).

http://www.nyc.gov/html/dof/downloads/pdf/coop_condo_abatement/condocoopabate.pdf

Are the owners who are over age 65 and earn under $79K exempt from all taxes?

How does this work when all taxes are assessed/valued at the building level? So if someone moves out of a previously owner occupied unit and no longer lives there, the buildings taxes would go up and that persons share of the maintenance increases? Seems like a very hard thing to calculate and budget for in terms of maintenance when maintenance is just x amount per share.