Dear Warwick Shareholders,
For over two decades, New York State has been granting property tax abatements - a tax credit – to co-op and condo owners in New York City to compensate for various inequalities in how values are assessed for apartments as opposed to houses. Owners of cooperative units who qualify for the Co-Op/Condo Property Tax Abatement can have their property taxes reduced.
Since property taxes are included as part of your maintenance bill, our managing agent applies for the property abatement on an annual basis on behalf of the entire building (this year by April 1, 2018). The partial property tax abatement is applied to the entire co-opʼs property tax bill and is usually available by February or March the following year. The NYC Finance Department notifies the managing agent the amount each eligible unit is to be credited based on the final tax rates and unit sales for the previous fiscal year. The credits also include personal exemptions such as Veteran, Senior Citizen Homeowner, Disabled Homeowner, and Basic or Enhanced School Tax Relief - also known as STAR. To apply for the STAR you must go through New York State and apply for individual apartments online. The phone number for questions is (518) 457-2036. All other exemptions (disabled, senior, clergy, veteran) can be obtained by downloading the application from New York City.The Board of Directors and Management apply the reductions to eligible residential units. The amount of the co-op property tax abatement is based on the average assessed value of the residential units in the building.
As in previous years, the Board of Directors has made a decision to assess the abatement from the shareholders so that the tax abatement is added to the Warwick’s reserve account. This year the Warwick Owners Corp. co-op property tax abatement is $33,185.74. This means that this year’s corresponding assessment will be 41.2 cents per share and will raise approximately $30,000.00. Your March maintenance statement will reflect personal exemptions, the co-op abatement and this assessment.
To find out details regarding your account you can check online or contact Robin Feather
or call (718) 559-0237.
Warwick Board of Directors & John B. Lovett & Associates