Habitat looks at condo tax rebate problems

April 28, 2009 02:20PM

The May issue of Habitat magazine includes an article that focuses on problems
associated with condo tax rebates that generally go under the radar. Each
spring, condo associations receive a consolidated check notice from the city
Department of Finance which gives a rebate amount that is then divided equally
among lot owners. However, since these
notices are sometimes sent out at different times throughout the year — and
many lots have been bought and sold during that time — it often becomes
difficult for associations to track down the rightful recipients of the rebate
shares. If an owner moves out of a space, it becomes his or her responsibility
to look at the city’s unclaimed funds list online. A condo association may
either create an escrow account for the unclaimed rebates, or send a letter to
the last known address of the prior owner letting him or her know that a tax rebate
is available for claiming.