Sonja Gosine, Spokesperson at Hauseit®

The COVID-19 pandemic resulted in permanent changes to the co-op board approval process in NYC including digital application submission and virtual interviews.

How Has COVID-19 Changed the NYC Co-op Board Approval Process?

By Sonja Gosine, Spokesperson at Hauseit® / January 12, 2021 January 16, 2021

The COVID-19 pandemic of 2020-2021 resulted in permanent (and mostly positive) changes to the co-op board approval process in NYC. The biggest change ushered in by the pandemic was the digitization of the co-op board package submission process itself. Other …

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The NYC and NYS Transfer Tax for condo and co-op sellers is 1.425% for sales of $500k or less and 1.825% above $500k. Tax rates vary by property type.

The NYC and NYS Transfer Tax (RPTT) for Sellers

By Sonja Gosine, Spokesperson at Hauseit® / January 8, 2021 January 8, 2021

Combined NYC and NYS Transfer Taxes for sellers in New York City is between 1.4% and 2.075% of the sale price. Both NYC and New York State charge a separate transfer tax. Calculate Seller Transfer Taxes in NYC: Purchase Price: …

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Basic STAR (School Tax Relief) is a tax credit for certain owners of houses, co-ops and condos in NYC. Basic STAR annual savings is ~$300.

What is the Basic STAR Property Tax Credit in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 5, 2021 January 14, 2021

Basic STAR (School Tax Relief) is a tax credit available to owners of houses, co-ops and condos in NYC with annual income of $500,000 or less who use the qualifying property as a primary residence. Estimated annual savings from Basic …

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What is the Enhanced STAR Property Tax Exemption in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 5, 2021 January 14, 2021

Enhanced STAR is one of several property tax exemption programs which are available to qualifying homeowners in NYC. Qualified recipients of the Enhanced STAR exemption save approximately $650 in NYC property taxes each year. Enhanced STAR is available to owners …

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A lot line window in NYC shares a boundary with a neighboring lot. Light, air and views from lot-line windows are not protected and can be lost at any time.

What Are Lot Line Windows in NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / January 4, 2021 January 5, 2021

A lot line window in NYC is a window that is located on the side of a building which shares a boundary with a neighboring lot. In other words, lot line windows are located directly on the edge of a …

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How Do Air Rights Work in NYC Real Estate?

By Sonja Gosine, Spokesperson at Hauseit® / December 22, 2020 December 26, 2020

Air rights in NYC refer to the empty space above a building which may be used for development. If a building is 50 feet tall but it could potentially be as high as 75 feet, the unused 25 feet are …

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The Senior Citizen Homeowners' Exemption (SCHE) allows seniors with an annual income below $58,399 to reduce their property taxes in NYC.

What is the NYC Senior Citizen Homeowners’ Exemption?

By Sonja Gosine, Spokesperson at Hauseit® / December 17, 2020 December 23, 2020

The Senior Citizen Homeowners' Exemption (SCHE) allows seniors (age 65+) with an annual income of $58,399 or less to reduce the property tax bill on their primary residence in NYC. This is accomplished by reducing the taxable assessed value of …

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Consumers can file real estate agent complaints with the NY Dept of State, REBNY, HUD or the Justice Dept Antitrust Division. Only do this as a last resort.

Real Estate Agent Complaints and How to Protect Yourself

By Sonja Gosine, Spokesperson at Hauseit® / December 9, 2020 December 10, 2020

Do you have a grievance with your real estate agent? There are many avenues for consumers to file real estate agent complaints, including the New York Department of State, the Real Estate Board of New York (REBNY), the U.S. Department …

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