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How does one figure out what the taxes on a condo unit will be when the tax abatement ends. Currently 6 more years left.
Ive used BJW's link and advice on the thread to find the answer on every apartment I've questioned.
You could go onto the NYC website and look up the block and lot. It will show you the taxable value prior to the abatement. If you multiply that by the tax rate you will know the unabated amount. Of course since the city is currently going crazy in increasing all the values, you never know how high it may go in six years.
how would you read below? are the pre-abatement taxes $4000 or $16000?
Tax Class 2 - Residential, More Than 10 Units Tax Rate
Current Tax Rate 13.3530%
Estimated Market Value $287,792 Billable Assessed
Value Tax Rate Taxes
Tax Before Exemptions And Abatements $131,336 X 13.3530% = $17,537
New Mult Dwellings - 421a $-126,449 $-16,885
Tax Before Abatements $4,887 $652
Annual Property Tax $652
non abated taxes are $17,537 or $1461 per month
what is that $4887 figure?
I agree with truth on this one. And as i said keep in mind that unless they follow through and change the law on capping condo max increases in a year, that this is purely a good starting point. Next year they could decide that market value is $350,000.
Probably something silly we are all not picking up on, Id have to see the actual page and building to maybe have a lightbulb go off.
Anyway it doesn't matter, the taxes are $17,537 and $16,885 is abated for that year, leaving you with a $652 abated tax bill this year or $54.33 a month.
I realize this is still confusing for some people given the very very wrong information posted on Brick Underground (http://www.brickunderground.com/blog/2011/03/how_to_look_behind_a_tax_abatement)
Look at the line that says "Tax Before Exemptions and Abatements" and follow all the way to the right. THAT number is your yearly unabated tax amount. In the Brick article, they list the billable value post-abatement, which is not the same thing. The yearly unabated taxes are really $12,838 per year (just over $1k/mo) instead of $24,221. To be sure, this is nearly 4x the current tax amount, but it's not nearly as nuts as some seem to think it is!
And sometimes there is a dual reduction going on.
For example in FIDI, you could have a new development lower manhattan exemption with a 421a abatement.
So say the lower manhattan exemption portion is $4887, and the abatement is $11,998.
But make no mistake, if this building was 12 years old your tax would be $17,537
"Billable Assessed Value" = $131,336
New Mult Dwellings - 421a = $-126,449 abatement
Final "Billable Assessed Value" = $131,336 - $126,449 = $4,887
$4,887 X 13.3530% = $652.56
We have a Bingo
Does anyone know exactly what is going on with the 421-a tax abatement right now? 04/2013
Beware of propery im in contract to buy a property I was not told it had a 421a I thought the taxes were 15k a year to my suprise in 19 months thecabatementbis off and taxes will be 37k per year im cancelling the deal and the bank escrows will jump and im short to close I am releaved who in the world wants to oay these kind of taxes