At the time of the December 12th maintenance letter the Co-op was faced with a property tax increase that the Board thought was unreasonable. We appealed the assessment vigorously and recently received the welcome news that the city had agreed to a change that reduces our property taxes for 2012 by almost $210,000.
This enables the board to reduce the previously announced maintenance increase by three cents per share. The net result is that the maintenance increase for the balance of 2012 will be 3.31% instead of the previously announced 4.49%. Thus for the rest of 2012 the monthly maintenance per share will be $3.44 instead of $3.47.
Rather than incur the expense to calculate and credit a rebate of the excess collected in January, we are incorporating that into the remaining eleven months of 2012.