We recently received our STAR and co-op abatement at our co-op. The Board sent out a letter stating that we will all be assessed $2.70 per share on this credit. The STAR and co-op abatement, at least for me, came out to about $350. But the assessment comes out to about $840, meaning we are out of pocket $490 because we receive a tax credit (?). The letter gives no explanation other than this being... [more]
We recently received our STAR and co-op abatement at our co-op. The Board sent out a letter stating that we will all be assessed $2.70 per share on this credit. The STAR and co-op abatement, at least for me, came out to about $350. But the assessment comes out to about $840, meaning we are out of pocket $490 because we receive a tax credit (?). The letter gives no explanation other than this being the usual practice at this co-op. The letter also states that for "most" shareholders, this will mean an overall reduction in the September payment. I gues I am not like "most" in the building, because I will end up paying 1.5 times more for Sepetember than I normally do.
The letter also states that the co-op is "on target or ahead with most of our budget lines." So why would they need such a massive assessment? There is no reason given, such as building work or a budget shortfall or to shore up the reserve fund. What makes this even more suspect is that there is another assessment being imposed for going overbudget on heating oil last winter, but the board takes the time to carefully explain this assessment, such that it becomes obvious why it is needed. Contrrast that with the $2.60 a share tax credit assessment, for which they give NO reason other than something to the effect of, "Well, we've always done it, so why not this year too."
Anyone ever face a similar issue. I am not paying my September maintenance until this assessment is fully explained.
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