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Old 02-20-2011, 09:09 PM
 
1 posts, read 3,465 times
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Thinking of buying a Condo with a 15 yr tax abatement. How can I calculate the taxes once the abatement ends?
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Old 02-21-2011, 03:37 AM
 
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well from what little i know, and others here please correct me if i'm wrong, it's not a situation of "oh the abatement's over, now there are taxes". i think at some point (late or middle) into the active abatement, taxes begin and then with each subsequent year they increase upward. the math gets a bit easier when the abatement goes poof. again, this could be very 'off' so hopefully others will respond
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Old 02-21-2011, 07:38 AM
 
Location: Beautiful Pelham Parkway,The Bronx
9,238 posts, read 23,968,200 times
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Quote:
Originally Posted by grimace8 View Post
well from what little i know, and others here please correct me if i'm wrong, it's not a situation of "oh the abatement's over, now there are taxes". i think at some point (late or middle) into the active abatement, taxes begin and then with each subsequent year they increase upward. the math gets a bit easier when the abatement goes poof. again, this could be very 'off' so hopefully others will respond
Right.Generally the abatements sort of melt away with ever increasing taxes after a set period.It all depends on the project and the type of abatement though so you have to check with an accountant and a RE attorney.The abatement on your building might not be the same type of abatement as the building down the street.

The condo abatement thing has turned out to be a big,big problem in a lot of cases.It seems many people bought condos without understanding the whole abatement thing and were shocked when their taxes took a big jump.In some cases they couldn't afford the new taxes and fell behind on other payments(condo fees,mortgage,etc) leading to foreclosure.This turned into real disaster when numerous people in the same building all went under at the same time with prices dropping at the same time.

Don't think I'd want to be an owner in one of those condos that were built in the boom with abatements when the abatements start expiring.
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