Property Q&A in New York>Question Details

Joan, Home Buyer in

What is a 7 year tax abatement on a condo for sale in NYC?

Asked by Joan, Wed Oct 28, 2009

it is also FHA approved.

Help the community by answering this question:


A tax abatement means the sponsor has applied for a break on the real estate taxes and that break is then passed onto the condo purchasers. Usually toward the end of the tax abatement the taxes are gradually phased in, first 20% of what they would normally be, 40% the next year, 60% the next, then 80% then 100%.
FHA-approved means the sponsor has applied for and been approved for purchasers to apply for an FHA mortgage which has very competitive rates and only requires 3.5% down.
I hope this helps.

Jenet Levy
Halstead Property, LLC.
(212) 381-4268
1 vote Thank Flag Link Sun Nov 1, 2009
Dear Joan,

It means that the taxes are severely discounted for their are no taxes for the first 7 years.

Please click on the web reference to learn more.

If you have any other questions regading real estate, please feel free to conatct me directly by email or phone.

I can also put you in contact with professionals that understand how to deal with FHA approved buildings.

Best regards,

Anoir Redouane
Professional Real Estate Consultant
Halstead Property LLC
0 votes Thank Flag Link Wed Oct 28, 2009
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