Caroline, Home Buyer in Brooklyn, OH

payment in lieu of taxes in nyc

Asked by Caroline, Brooklyn, OH Thu Nov 22, 2007

is it 10% tax deductible? How much/how often can it be raised?

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Payment in lieu of taxes PILOT. The land in Battery Park City is owned by Battery Park City Authority. It is a NY state authority that leased land to developers of condominiums and office buildings. The PILOT that you pay associated with your condo goes to the BPC Authority and most of it goes to pay the city. I'm not sure what the tax deduction is, it can vary building to building if at all. You should check with the condos managing agent. I don't know how often and how much it can be raised but It is like taxes so the city or state has to raise it. If you are purchasing a condo in BPC make sure your real estate attorney has experience in BPC and land leases. In most Battery Park City condos the common charges are higher than the PILOT.
4 votes Thank Flag Link Fri Nov 23, 2007
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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I do not understand the question; please restate it.
0 votes Thank Flag Link Thu Nov 22, 2007
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