Tax Abatements & Prevailing Wage – New Regulations for Boards, Shareholders & Unit Owners
Online Webinar , NY
A recently approved amendment to the Cooperative and Condominium Real Estate Tax Abatement limits eligibility for condominiums and cooperatives that do not pay their employees and/or third-party building staff a prevailing wage determined by the City Comptroller’s office. Boards that do not currently pay a prevailing wage (similar to Union 32BJ) must comply with the new regulation by July 1, 2022 or forfeit the tax abatements for the 2022-2023 tax cycle.
The amendment also requires boards to certify individual units as permanent residences or secondary homes, which introduces an array of new responsibilities for the board, unit owners, shareholders and the managing agent.
What We'll Cover:
- Who is covered and required to be paid prevailing wage?
- How will this impact the operating budget and annual maintenance fees?
- How does the board certify its compliance with the prevailing wage requirement?
- What is new for individual unit owners and shareholders?
- What is management’s role in the tax abatement process?
- How does this impact real estate tax assessment protests?
- Michael Wolfe, President, Property Management
- Ben Kirschenbaum, Vice President and General Counsel
- Stephanie Cardello, Vice President, Compliance