Assessments and abatements for coop housing
I am shareholder in NYC housing coop located in Manhattan. Every June management co. sends a statement which shows tax abatement and special assessment. For most shareholders the numbers are almost a wash . However for me my abatement is almost $600 less than the assessment. The management company issuing the statement tells me that is due to my receiving a veterans credit and a Star credit , “ these exemptions reduce the unit’s assessed value ( pre tax ) and reduces the abatement “. This doesn’t make sense to me. There is only 1 class of shareholder and my shares have not been reduced. If you can clarify I would greatly appreciate it.
Cordially.
Herbert Fishman mobile 347 579 7595
500 East 83 St. apt. 8 b
New York, N.Y. 10028
Permalink Submitted by Alan - IRA critic on Fri, 2025-06-06 15:03
Sorry Herb, this question is not related to IRAs or other retirement accounts and I do not know the answer. But it’s logical that some credits may be limited for those receiving other tax credits, rather than allowing all the credits to fully apply. The Coop should be able to give you a more detailed explanation.