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Video instructions and help with filling out and completing form 1098 coop
Common charges versus maintenance what's the difference between monthly Kondo common charges and co-op maintenance fees in New York City while you some apartments for sale list maintenance while others list common charges let's start with the basics what is a monthly maintenance fee apartment maintenance is an unavoidable fact of life for city dwellers who own their own home if you have neighbors in your building in New York City then you most likely own a condo or a co-op apartment the cost of maintaining and operating an apartment building in New York City is funded by a monthly maintenance fee charged to each individual apartment owner this monthly maintenance fee is divided among apartment owners according to a predetermined formula what our condo common charges condo common charges are different from co-op maintenance charges in that property taxes are not included because condominium owners are holders of real property they're taxed individually by the New York City Department of Finance this means that owners of condo apartments have to separate monthly expenses a common charge bill as well as a real estate tax bill what are co-op maintenance charges co-op maintenance charges are different from condo common charges in that New York City property taxes are already included in the maintenance fee because co-op apartment owners are technically shareholders of a corporation that owns the entire building the coop corporation itself pays property taxes as opposed to the individual unit owners co-op apartment owners indirectly contribute to the payment of the building's property taxes through their co-op monthly maintenance charges co-op shareholders receive a co-op tax deduction letter also known as a form 1098 by January 31st of each year this co-op tax deduction letter informs shareholders exactly what portion of the building's real estate taxes and mortgage interest they paid in the prior tax year what is the average monthly maintenance cost for a New York City apartment the average monthly maintenance cost for an apartment in New York City has steadily risen over the past couple of decades mostly driven by rising property taxes along with sewer water and other utility costs the average co-op maintenance per square foot has increased from roughly one dollar per square foot in the 1990s to approximately $2 per square foot in the 2021 s that means for a typical 1,000 square foot co-op apartment your monthly maintenance costs went up from $1,000 a month to $2,000 a month or more today how are common charges and maintenance divided the proportion of the building's total cost that a condo or co-op owner pays and monthly charges is determined at the outset when the building is first constructed in a new construction project a 339 I letter otherwise known as a fair allocation letter is filed to determine the allocation of monthly charges for each unit thinking of buying or selling in New York City save money with housing New York City's largest and most trusted for sale by owner.