A cooperative apartment qualifies for the same Homestead Real Estate tax savings as condos and single-family homes and, like those forms of real estate, equity returns to the owner upon the sale of the apartment. Owners are free to sell their apartments at any time.
A board of directors, elected by all residents, oversees the policies, operations and expenditures, with regular input from all owners. The building is professionally managed by NAI/FMA Realty.
Co-op homeowners, like condo owners, pay a monthly assessment. At Pioneer House, this assessment covers:
- Interior and exterior maintenance
- Lawn care and snow removal
- Real estate taxes
- All utilities except phone and Internet service
- Appliance repair
- Off-street parking