Home Buying in Brooklyn>Question Details

Lilloree, Home Buyer in Brooklyn, NY

15-year tax abatement. How does it work exactly?

Asked by Lilloree, Brooklyn, NY Thu Feb 25, 2010

I've been looking at new condos that is offering 15 year tax abatement. How does that work exactly. Lets say it's $50/mo for tax. Does that mean that we pay a fixed amount of $50/mo for 15 years, or does that amount go up every year. Thanks

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It depends on the type of tax abatement. In NYC there are several types of abatements (421, J-51, etc.). Often the abatement is phased out over a period of years. In your case where there is a 15 year abatement, the abatement likely is phased out over years 10-15 (probably by 20% a year). So your taxes would be fixed for 10 years and go up incrementally from years 10-15.
3 votes Thank Flag Link Fri Mar 12, 2010
You would pay $50 per month for 15 years.
0 votes Thank Flag Link Thu Feb 25, 2010
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