Home Buying in New Jersey>Question Details

NJ Buyer, Home Buyer in New York, NY

Can someone explain tax abatement? I am interested in the 5 year tax abatement for West New York, NJ

Asked by NJ Buyer, New York, NY Fri Sep 19, 2008

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Just to be clear in the question, I am not asking about the tax credit. I am interested in knowing about tax abatement, where the taxes for the property are at a reduced rate for a particular timeframe.
0 votes Thank Flag Link Fri Sep 19, 2008
"If you are a first time homebuyer, there is a $7500 Tax Credit available.
First time buyers, for the credit, are defined as anyone who has not owned in the last two years.

The 7500$ credit is spread out over 5 years.
You get the deduction every year unless you sell the house before the time is up."

This isn't true. Actually, its not close. You get the deduction once, not every year, and you then pay it back every year for 15 years. If you sell before 15 years is up, you owe it all back immediately.

Here is the wikipedia entry about the act:

http://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_A…

Zack
0 votes Thank Flag Link Fri Sep 19, 2008
A tax abatement is when a taxing board grants a taxpayer a stay of paying a tax for a short or long term, for a total or percentage of the tax. For information about a particular property you must conact the Tax Assessors office in the municipality .
0 votes Thank Flag Link Fri Sep 19, 2008
If you are a first time homebuyer, there is a $7500 Tax Credit available.
First time buyers, for the credit, are defined as anyone who has not owned in the last two years.
The 7500$ credit is spread out over 5 years.
You get the deduction every year unless you sell the house before the time is up.
0 votes Thank Flag Link Fri Sep 19, 2008
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