PROPERTY TAX UPDATE

June 6, 2012:

1. ABATEMENT WILL BE ON PROPERTY TAX BILLS. We have been advised by the Departrment of Finance that property tax bills for July payment WILL include abatements for home owners in cooperatives and condominiums that have received in the past. As in the past, once final legislation is passed, DOF will make any necessary adjustments on January bills.

2. STAR Adjusted Downward. State Legislation had capped STAR increases at 2%. July property tax bills will include the retroactive adjustment for 2011. DOF will shortly send a report to contacts (usuallly the managing agent) of cooperative with a list of these adjustments. There is no necessity to make any adjustments at this time; they can be done in the context of the distribution of the 2012/2013 abatement.

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