Forum Archive: Posts by: rassnd2

Hi,

I purchased a condo in Park Slope 5 years ago with a 421a tax abatement. If I understand it correctly, I’ve got 6 more years at the current tax rate and then it goes up 20% a year until year 16 where it’s fully taxed.

The full tax rate seems very high, although I’m having a hard time finding comparable places to truly check. I’m obviously ahead of the game, but I’m concerned about the value of my condo plummeting if I wait too long to sell.

Has anyone gone through a 421a abatement expiring? Is the idea to appeal the assessed value? If so, when and can anyone recommend a good attorney?

Thanks in advance.