Tax Abatements question Condos in Brooklyn (buying, salary, property tax)

[ken62310]

hi,
I'm looking to purchase a condo in Brooklyn area.
the asking price is 600k
the current property tax is around $230 a year. and it has 7 years left in abatements
When I was talking to the agent, he said the current Tax before abatements is $4k
But when I check it from the NYC department of finance site, it shows that the Tax before abatements is $14k !!!!!
which makes a HUGE differences..

that kind of jump in tax is just insane...$230->14K!!??
In fact, I am not even sure if I checked correctly
So I wonder Is that the correct tax that I'll be paying after the abatements? (14k+)
is there any other website I can check to find out property tax before abatements?

Here is a pic of what I found:

[nybklyn]

Yes, what you are seeing is the correct number. Once the tax abatement is over, then you are looking to pay at least 13k above. Property tax tends to go up and never come back down, so in your case, you will be bury with the heavy cost of the property tax. It could be the location of the property that cause this high tax, but it might have other factors.

[ken62310]

Originally Posted by nybklyn

Yes, what you are seeing is the correct number. Once the tax abatement is over, then you are looking to pay at least 13k above. Property tax tends to go up and never come back down, so in your case, you will be bury with the heavy cost of the property tax. It could be the location of the property that cause this high tax, but it might have other factors.

Thanks
But how can they get so much reduce out of the abatement?
Isn't the abatement base on the percentage?
$14k->$230 is like 0.1%..

I have seen other condo but none of them are like this..
Most of them has $200 tax and $5000 before abatement
or the expensive one would be $2000 and $12k before abatement.

[nybklyn]

Originally Posted by ken62310

Thanks
But how can they get so much reduce out of the abatement?
Isn't the abatement base on the percentage?
$14k->$230 is like 0.1%..

I have seen other condo but none of them are like this..
Most of them has $200 tax and $5000 before abatement
or the expensive one would be $2000 and $12k before abatement.

I'm not sure what factors cause this high property tax, but in my opinion, definitely not worth on buying it. Unless you make 150k salary. Even with that amount of salary, why waste money on property tax for. Is not worth it.

[ken62310]

Thanks!!

[ken62310]

Originally Posted by nybklyn

I'm not sure what factors cause this high property tax, but in my opinion, definitely not worth on buying it. Unless you make 150k salary. Even with that amount of salary, why waste money on property tax for. Is not worth it.

Thanks!! I feel the same thing.
I'm glad that I checked the site myself instead of trusting the agent..