I recently received a flier from my co-op notifying residents that we are getting an increase in carrying charges, mainly due to a 7 percent increase in real estate taxes.
I read a recent article by Bob Friedrich in your paper entitled, “May Be Time to Revamp Property Tax System.” Friedrich is president of the Glen Oaks Village co-op and he says real estate taxes have risen from 25 percent to 50 percent of most co-op budgets with no regard for the actual fair market value of individual apartments.
The people living in these modest apartments actually pay more in real estate taxes than wealthy families who live in large house. As stated, co-ops offer some of the last affordable housing available to middle-class families. Apparently there is little regard for struggling New Yorkers who may live on fixed incomes or have jobs that provide few or no pay increases.
This unfair tax situation for co-ops is becoming a burden. It is unconscionable that our elected officials acknowledge the problem, yet continually refuse to fix it.
©2017 Community News Group
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