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Old 05-10-2012, 11:29 AM
 
Location: Manhattan
24,421 posts, read 34,254,860 times
Reputation: 11935

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Yeah really.

After all, what do you get for the money you give to banks and taxmen except a teeny portion back at tax time....MAYBE.

(Did you find any below 25% bluedog? I'd LOVE to see some of the financial statements around 70th and Park...but none of my friends is that rich.)
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Old 01-17-2014, 07:40 AM
 
Location: Brooklyn New York
17,500 posts, read 29,466,542 times
Reputation: 25477
yay!!!! just received my 917.00 STAR tax credit.
Living free for February and part of March...the credits were early this year !!!
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Old 01-17-2014, 08:31 AM
 
1,058 posts, read 1,883,258 times
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Quote:
Originally Posted by skilldeadly View Post
We currently sublet in Forest Hills. We are thinking of owning in the Forest Hills/Rego Park/Kew Gardens area. We are looking for a 2 bedroom, 1 bath.

My question is that we are not sure what they cost to buy into. We are looking at around 150k to 210k max. Prefer 180k. We don't care about doormen or fitness areas. Just a nice two bedroom, near a subway or at least close to a bus that goes to a train. Has to be fairly close to the Grand Central.

Let's say we put down 20k on a 180k 2 bedroom in Forest Hills. Do we have to pay property taxes? Home insurance? School taxes? I know there is maintence fees but how are they calculated and what do they include?

You would need to check with the specific coop board rep to see what the maintenance fee includes. Usually it will include taxes and mortgage. As mentioned you would still need insurance on your space. The common areas would be included in the fee. One major question also is have there been any additional assessments in the past few years. This will give you a clue of how the coop does on their finances. If you do go for this make sure to get a good real estate attorney to represent you since you sound like a novice at this you could really get into trouble.
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Old 01-17-2014, 08:36 AM
 
1,058 posts, read 1,883,258 times
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Quote:
Originally Posted by Kefir King View Post
Tell us about the STAR tax relief program, nightcrawler.

It sounds like something I would hate not to be getting if I am entitled to it.
.


There is a ton of information on this on the internet. Your coop treasurer every year gets the forms for everyone to file and then you individually get back what amount is covered. Some coops (mine included) just throw it back into the pot to reduce the overall expenses of the building.\


http://www.tax.ny.gov/pit/property/star/index.htm
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Old 01-20-2014, 05:31 PM
 
Location: Manhattan
24,421 posts, read 34,254,860 times
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Quote:
Originally Posted by nightcrawler View Post
yay!!!! just received my 917.00 STAR tax credit.
Living free for February and part of March...the credits were early this year !!!
Congratulations.
Now If I don't get mine this month I am going to raise Hell.
It will be my first and I have NO idea how much.
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Old 01-20-2014, 06:11 PM
 
30,335 posts, read 43,111,762 times
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Quote:
Originally Posted by nightcrawler View Post
yay!!!! just received my 917.00 STAR tax credit.
Living free for February and part of March...the credits were early this year !!!
Really this early? Gotta check my statement for Feb....this is the only thime of year I actually look at my statements since I pay my maintenance online. Usually they go right in the shredder. Lol
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Old 01-20-2014, 06:19 PM
 
1,058 posts, read 1,883,258 times
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Quote:
Originally Posted by Adhom View Post
So what do you people think of the coops with really high maintenance costs? Are they ever worth it? Even after you pay off your entire mortgage, your monthly maintenance is still about as expensive as rent in some other neighborhoods.

only if it is a very badly run coop which many are.
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Old 01-20-2014, 06:40 PM
 
Location: Brooklyn New York
17,500 posts, read 29,466,542 times
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Quote:
Originally Posted by SeventhFloor View Post
Really this early? Gotta check my statement for Feb....this is the only thime of year I actually look at my statements since I pay my maintenance online. Usually they go right in the shredder. Lol

Yes, I am shocked also. Last year we got the credit for March. I received a letter from the co-op sponsors and it said they received the star tax credit, they break it up per apt and let you know what to pay. So Feb I pay nothing and a couple hundred for March, love it !!!

I have also been noticing that every year it is more, last year was around 700 and change, this year was 917.00...hallellulah !!!
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Old 01-20-2014, 06:42 PM
 
Location: Brooklyn New York
17,500 posts, read 29,466,542 times
Reputation: 25477
Quote:
Originally Posted by Kefir King View Post
Congratulations.
Now If I don't get mine this month I am going to raise Hell.
It will be my first and I have NO idea how much.

I don't understand why this will be your first, I have been in my co-op 25 years and have been receiving them for all those years as well.
Of course 25 years ago my maintenance payment was only 270.00, so the credits were small.

Every co-op might get them at different times, you need to check.
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Old 01-21-2014, 08:41 AM
 
Location: Manhattan
24,421 posts, read 34,254,860 times
Reputation: 11935
Quote:

I don't understand why this will be your first
I've only been here 3 years. The first year I had no clue about STAR. Last year I filed in time but they asked for peripheral information only AFTEER the deadline so I lost last year. They then said a month later that I was qualified for STAR as of July 2013. So nothing last year.

So now this will be my first...IF I get it.
(They said that I did not qualify for the addition senior rebate, whatever that is, because I earned too much...the cutoff is REALLY low.)
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