Jump to content


Photo

assessments for property taxes of coop


  • Please log in to reply
3 replies to this topic

#1 ayudante

ayudante

    New Member

  • Members
  • 2 posts

Posted 28 January 2013 - 03:51 PM

do we have to pay a 1.69 % per share assessment imposed by our management co in addition to our regular maintenance fees and other assessments supposedly earmarked to pay for property tax arrears? we are $100,000.00 in arrears and normally property taxes are paid from the monthly maintenance fees paid by the shareholders. We received no explanation as to where the money had gone, why there were no payments made to nyc dept of finance,or of any extraordinary expenses. our building was not damaged by Sandy(hurracane). If we pay,do we get the money back? Who can audit our management co?

#2 pg1067

pg1067

    Platinum Contributor

  • Members
  • PipPipPipPipPipPipPip
  • 44,327 posts

Posted 28 January 2013 - 04:52 PM

I'm at a loss to understand how you would expect us to know. Think about it. Whether you have to pay this "assessment" obviously depends entirely on the terms of whatever contracts exist between you and the management company (which we obviously aren't privy to).

#3 adjusterjack

adjusterjack

    Platinum Contributor

  • Members
  • PipPipPipPipPipPipPip
  • 2,949 posts

Posted 28 January 2013 - 06:06 PM

do we have to pay a 1.69 % per share assessment imposed by our management co in addition to our regular maintenance fees and other assessments supposedly earmarked to pay for property tax arrears?


I'm guessing that the answer to that question is yes and that you can find it in your shareholder's agreement. Read it.

Who can audit our management co?


You will probably need to hire a lawyer and file suit against the co-op management or board in order to compel an audit.

You can foot the bill for it if you like or you can see if you can form a shareholder's association where everybody contributes to the attorney fees.

Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.


#4 FindLaw_Amir

FindLaw_Amir

    Platinum Contributor

  • Moderators
  • 62,345 posts

Posted 29 January 2013 - 02:18 PM

What does the agreement state regarding this matter?
FindLaw's Legal Heads-Up! newsletter can provide you with the legal resources you need to make informed decisions when law touches aspects of your everyday life.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users