What is the usual real Estate taxes in Upper east side and Yorkville? Do these taxes get adjusted/ rebated in?

Asked by Pgoenka, Buffalo, NY Wed Apr 23, 2008

the annual personal taxes?

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Andrea ( Rea…, Agent, 10011, NY
Fri Apr 25, 2008
The taxes will vary from a building to building. In a condo the real estate taxes are fully tax deductable on your income tax return. In a coop the taxes are included in the maintenance and therefore a portion of the maintenance will also be tax deductable at the end of the year. You want find out what % of the maintenance is tax deductable. However that % can change year to year. Besides the Real Estate Tax and the cost of maintaining the building the maintenance also includes any underlying mortgage on the building and it's interest is tax deductable as well. So all those different factors go into it. Your attorney will be able to determine the actual numbers for you once he looks at the buildin's financials. I hope this helps.
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Andy, , Canada, KY
Fri Apr 25, 2008
It is included in most coop/condo maintenance fees, they each have a certain part that is tax deductible.
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