Tax increases spark rise in co-op fees

Co-ops in the city have raised their maintenance charges by as much as
15 percent recently as a result of rising property taxes and operating costs.
John Janangelo, president of Bellmarc Property Management, said taxes
for some of the buildings the company manages have risen by 35 percent this year. “It comes
at the worst time,” Janangelo said, adding, “You don’t want to pass through
these huge increases because people can’t afford them, but you have no
choice.” Buildings whose property values have soared in recent years
are experiencing even bigger tax increases because the assessed values
of their buildings have gone up. David Kuperberg, president of Cooper
Square Realty, said the assessments have increased based on last year’s
market, and assessments often take a while to catch up to the current
market.