When do tax abatements show up?

Started by ssskit
over 13 years ago
Posts: 69
Member since: Dec 2006
Discussion about
I'm closing a condo purchase on Monday. My lender is asking for tax prepayment and seems to have no idea that the building has a tax abatement. He is estimating my property taxes at about $600 per month. However, the "advertised" property tax is $31. Is he incorrect or does the abatement kick in later on down the road? Thanks.
Response by anonymous
over 13 years ago
Posts: 15
Member since: Feb 2007

I'm hoping someone has the response to this as I would have thought tax abatement issue is the same as what you think - should cost 0.

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Response by anonymous
over 13 years ago
Posts: 10
Member since: Apr 2007

if u go to the dept of finance website u can find the abated tax assessment to provide to ur lender

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Response by anonymous
over 13 years ago
Posts: 1905
Member since: Apr 2007

Shouldn't your lawyer have that information? What does your lender say? I think you might not always want to trust the advert on something like this.

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Response by ssskit
over 13 years ago
Posts: 69
Member since: Dec 2006

I had my lawyer check when we were going thru the contract. She verified the abatement, though it's not in my contract. I'm not sure that you'd put that info in a contract. The issue I'm having is I'm using a West Coast lender, BofA, and they're clueless about NYC procedures. I guess I'll know soon enough!

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Response by ssskit
over 13 years ago
Posts: 69
Member since: Dec 2006

Okay, so it seems the abatement takes a few months to kick in with new buildings. I asked my lender to waive the tax escrow so they do not have to collect prepaid taxes. I will pay them on my own.

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