I took a quick look at the condo listings in LIC. Most of the new buildings have 15 year tax abatement. After 15 years the tax abatement will expire and you or whomever owns the apartment will have to pay the full amount. This will be substantially more than the first year. I also checked the NYC Department of Finance website for one of the apartments in a new building but was unable to determine what the actual tax would be today if there were no tax abatement. You need to call the department of finance to find out what your full actual taxes would be today. They won't be able to tell you what it will be in 15 years but they or your offering statement prepared by the developer should have an estimated 15 year schedule of taxes. You should also keep in mind that your taxes will increase each year by an additional 1/15th of the estimated tax--or by some other amount based on a formula.
If you have a copy of the offering statement give it to your accountant friend (or attorney) to review. It should have the answer to your questions. You cannot sign a contract or mortgage documents without knowing this answer. The information is available and the following people should be able to get an answer for you:
your accountant friend,
your mortgage broker,
a representative from the NYC Dep't of Finance.
Century21 Yve R. E.
Licensed R. E. Agent
NYS Certified Residential Appraiser
The national average is 5-7 years normally a home owner moves or re-finances. So may be you want to give it a thought. But it is you who got to think about this. Way all options before you jump in.