Tax abatement canceled? (condos, properties, attorney, contract) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

gus030 · 08-09-2013, 01:06 PM

I was recently looking at some condo properties in a condo complex in NJ

When the condos in this complex were built they were given a tax abatement.

Other condos in the property have a tax abatement left for 15 more years.

However the condo I am looking at apparently the owner was a disabled veteran so he canceled the tax abatement. Now instead of having taxes of 1700 per year they would actually be 3600 per year.

The state apparently says once it is canceled there is no way to reinstate it.

Is this true? Is there anything I would be able to do about this if I was interested in purchasing this condo?

manderly6 · 08-09-2013, 01:35 PM

Quote:

Originally Posted by gus030

I was recently looking at some condo properties in a condo complex in NJ

When the condos in this complex were built they were given a tax abatement.

Other condos in the property have a tax abatement left for 15 more years.

However the condo I am looking at apparently the owner was a disabled veteran so he canceled the tax abatement. Now instead of having taxes of 1700 per year they would actually be 3600 per year.

The state apparently says once it is canceled there is no way to reinstate it.

Is this true? Is there anything I would be able to do about this if I was interested in purchasing this condo?

Does it matter what anyone says if this is the answer you are getting from the state?

gus030 · 08-09-2013, 01:52 PM

Actually the answer was from someone I called from the city not the state

And I was more looking for any other options, like if I could file a petition to get the tax lowered and the likelihood of this succeeding.

manderly6 · 08-09-2013, 02:55 PM

Quote:

Originally Posted by gus030

Actually the answer was from someone I called from the city not the state

And I was more looking for any other options, like if I could file a petition to get the tax lowered and the likelihood of this succeeding.

You are going to have to talk with someone from the city.

middle-aged mom · 08-09-2013, 05:16 PM

You can buy an hour of time from a local attorney to learn your options or find another condo.

SmartMoney · 08-09-2013, 07:32 PM

Quote:

Originally Posted by middle-aged mom

You can buy an hour of time from a local attorney to learn your options or find another condo.

I'm for option #2....and count my lucky stars I'm not under contract to buy it. Nexxxxxt!