New York Condominium Apportionment and Approval Process involves the calculation of the shares of common expenses of a condominium among the unit owners. The process includes the preparation of a budget, the apportionment of expenses among the unit owners, and the approval of the budget by the board of directors. The budget is prepared by the condominium board and must include the estimated expenses of the condominium for the upcoming fiscal year. The board then apportions the expenses among the unit owners by calculating the percentage of ownership each unit owner holds in the condominium. This percentage is then multiplied by the total amount of the expenses to calculate the amount of common expenses each unit owner will be responsible for. The board then reviews the apportionment of expenses and makes changes as necessary. Once the apportionment is accepted, the budget is presented to the unit owners for a vote. The budget must be approved by a majority of the unit owners before it can be adopted. The three main types of New York Condominium Apportionment and Approval Process are budgeting, apportionment, and approval. Budgeting involves the preparation of the estimated expenses for the upcoming fiscal year. Apportionment involves the calculation of the percentage of ownership each unit owner holds in the condominium and the amount of common expenses each unit owner will be responsible for. Approval involves the review of the apportionment of expenses and the vote of the unit owners to approve the budget.
New York Condominium Apportionment and Approval Process
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FAQ
Dividing lots into two or more individual lots is called a lot subdivision or lot apportionment. In NYC this must be filed with DOF and often with DOB. Depending on the zoning there may be regulations including minimum lot width and lot area that must be adhered to in order to divide the property.
Apportionment and Merger Filing Electronic filing. Tentative lot(s) request ? RP602. Attach application documents. Receive documents from the Tax Map Office. Electronic payment.
A tax lot is a real property recorded on the City Tax Map and a Zoning Lot is the extent of land to be treated as one lot for the purposes of assessing the Zoning. In most cases, the tax lot and zoning lot are the same, but a zoning lot can be made up of multiple tax lots.
In most cases, it is a mixed-use condo building with retail spaces that are individual condo units and residential apartments that are co-ops.
By email to changemymailingaddress@finance.nyc.gov. By mail: NYC Dept of Finance, Research & Corrections, 66 John St, 13th Floor, New York, NY 10038.
(1) A no-action letter may be issued where the Department of Law determines that: (i) the relationship between the offerors and all the offerees is of such a nature that the offerees do not require the protection of an offering plan; and (ii) the relationship between all offerees and the condominium units being offered
Beyond that, the offering plan has to first be approved by the attorney general's office (specifically the Real Estate Finance Bureau). The attorney general is New York's lawyer.
To change your physical or mailing address, complete Form DTF-96, Report of Address Change for Business Tax Accounts. To change any other business tax account information (as well as your address), file Form DTF-95, Business Tax Account Update.