COSTS & FEES
FINANCIAL BENEFITS
Becoming a resident member yields low monthly costs, annual equity appreciation and tax benefits that are unsurpassed.
Membership Purchase
The purchase of your share gives you membership in the Cooperative, one share per unit.
Monthly Costs
7500 York Cooperative is operated without profit to itself and is operated for the mutual benefit of resident members. Because the Cooperative is operated without profit, inflationary increases in the monthly charges are limited to actual increases in operating costs and funding reserves. Shared costs of community spaces allow for attractive social, recreational, cultural and educational enrichment. The 7500 York Cooperative Bylaws have set the annual equity build up to 2% each year.
To Date, Resident Members Have Never Needed to Pay a Special Assessment To Cover 7500 York Expenses!
MONTHLY CHARGES COVER:
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Payment on the principal and interest on the mortgage and homestead property tax
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Property and liability insurance on the building
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All utilities (except telephone) including individually controlled heating and air-conditioning, monthly internet and basic cable service
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Operations cost to cover:
- Housekeeping, maintenance and repair of common areas
- Maintenance of standard kitchen appliances, plumbing, electrical, mechanical, windows, doors and hardware
- Groundskeeping
- Funding of the various activities
- Professional management fee
- Excess cost for the Yorke Room over their pricing
- Mini-bus service on a predetermined route -
Operating, replacement and supplemental reserve funds
Prices effective January 1, 2025
EQUITY APPRECIATION, TAX BENEFITS
AND CAPITAL GAINS
Annual Equity Appreciation
Using the "limited-equity" approach, annual equity appreciation of a share is determined by the by-laws. The predetermined share values assure stable share prices and share prices remain economical as the Cooperative's waiting list builds, which assures timely re-sale.
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Tax Benefits
For income tax purposes, resident members are considered homeowners and are entitled to deduct their proportionate amount of the building's mortgage interest and real estate taxes on their individual tax returns.​
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Capital Gains
A resident member of a cooperative has the same basic federal income tax advantages available to a homeowner who sells a home and purchases a new one. Residence has been defined by the Internal Revenue Service to include a cooperative apartment. There is an established value set on each apartment to be used to offset the Capital Gains on the sale of your home. More complete information about this can be obtained from a booklet entitled "Selling Your Home" (Publication #523) which is available from the Internal Revenue Service.
https://www.irs.gov/forms-pubs/about-publication-523