421-a tax abatement

My family purchased a condo in lower Manhattan that qualified for 421-a 10 year tax abatement (set to expire in 2022). The abatement was a major reason behind the purchase, as well as why they've been letting me live there while they (the purchasers) live elsewhere in their primary residence. We received an email from our management company a few months ago about the change in NY tax abatement... [more]

My family purchased a condo in lower Manhattan that qualified for 421-a 10 year tax abatement (set to expire in 2022). The abatement was a major reason behind the purchase, as well as why they've been letting me live there while they (the purchasers) live elsewhere in their primary residence. We received an email from our management company a few months ago about the change in NY tax abatement laws and how owners will become ineligible from tax abatement if the residence in question is not their primary residence, which I assumed would apply to my family. However, I came across some posts on here saying the 421 abatement doesn't fall under this category. Can anyone clarify? ----- NYC10007 about 3 months ago Posts: 408 Member since: Nov 2009 ignore this person report abuse houser, my building is in year 8 of a 10 year 421-a abatement. I plan to rent my apartment soon, which is currently owner-occupied. When I hand the keys over to my new tenant, I will see no difference in RE taxes due to the changes you mention in the state law. What you're talking about does not apply to condominiums that benefit from (or have benefited from) other types of abatements like 421-a, J-51...etc. It also doesn't apply to units that have simply not been receiving the condo/co-op abatement in the first place. Your comment is overly broad, and while it may affect some, I expect the sting will be mostly felt by those who have been benefiting from artificially low RE taxes to begin with. In which case, tough noogies and thank you to those who will finally be paying their fair share. [less]