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Tax Abatements

Started by MTH
17 days ago
Posts: 295
Member since: Apr 2012
Discussion about
When looking at condos there is often a tax abatement. Is there a reliable way to know what taxes will be when it expires?
Response by Krolik
16 days ago
Posts: 1022
Member since: Oct 2020

Yes, by looking at assessed value (before exemption) that you can find on this portal: https://propertyinformationportal.nyc.gov/

For apartments, you will need to do an additional calculation to figure out your unit’s proportion of building’s taxes.

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Response by MTH
16 days ago
Posts: 295
Member since: Apr 2012

Thanks Krolik ? appreciate that

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Response by UptownSpecialist
12 days ago
Posts: 131
Member since: May 2013

I tell every buyer that you need a crystal ball to accurately answer your question as it is phrased. If we modify your question a little bit- then we can get an accurate answer. Instead- ask what would the taxes be today if there were no abatement in place? The difference between the 2 questions is based on tax rates/policies today vs. an unknown tax rate/policy in the future. We know what the tax rate is today- so I can answer that question but we don't know what it will be in the future.

Odds are you are looking at Manhattan north of 110th st (my specialty) or the boroughs. I pull up the tax bill for the specific apartment that you are interested in. On the bill you want to look at the assessed value before the exemption and multiply that by the current tax rate for the annual amount and divide by 12 for the monthly amount. This will only give you what the taxes would be if there were no abatement today.

It's also worth noting the greater the abatement is- the larger the percent increase will be as the abatement matures. So if the fully abated taxes are less than $50/month (mine are less than $4/month) - you can expect that the unabated taxes will be far larger of a jump up than a condo where the abated taxes are $250/month.

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Response by MTH
7 days ago
Posts: 295
Member since: Apr 2012

That makes sense - thanks UptownSpecialist

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