Category: Finance

According to the latest data from the U.S. Census Bureau, the median annual property tax paid by homeowners was $2,578 in 2019, or 1.03 percent of home value - not a huge percentage on average, but many households pay far more than this bas…

As we’ve reported in previous articles, special assessments are not the only tool condo associations and HOAs have to finance common area improvements and major repairs when needed; there are also loans available in the marketplace to help …

Reserve funds are a normal - and crucial - component of the budget for any co-op and condominium community. Lenders of all types, whether it be the banking institution that holds the underlying permanent mortgage on an entire co-op building…

Even before the COVID-19 crisis hit, the question of where real estate values were going was the elephant lurking in the corner of the room. Some submarkets (like Florida, for example) were strong—and getting stronger. Others (like New York…

Each year, boards are tasked with figuring out the costs associated with all aspects of their community’s operations, including any capital repairs or improvements they plan to undertake in the coming fiscal year, and then making sure the r…

Among the many realities made visible (or more visible) by the COVID-19 crisis is the domino theory: when one falls, the others follow. Conceived (and largely disproven) as a political metaphor, the notion has proven more useful when applie…

It’s a question we’re asked all the time: "Can we use reserves to cover an operating fund shortfall?" Under normal circumstances, our standard response would be an emphatic “No!” -- because reserves are for major repair and replacement proj…

As mentioned by this outlet and elsewhere, the New York real estate industry—one of the main contributors to the annual financial tax intake of both the city and the state—has been championing tax relief for owners, landlords, and t…

According to Patch.com, New York City is facing a $9 billion deficit in the weeks leading up to its annual deadline to pass a city budget -- one that is sure to be compounded by projected shortfalls in property tax income. Property taxe…

While individuals and businesses across the country and around the globe attempt to maintain some semblance of stability in a world reeling from the medical, emotional, social, and economic devastation of the coronavirus pandemic, identifyi…