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September 20, 2008
421a Abatement Advice
Hi all,
Five months ago, I've moved into a 16 unit new condo development which hasn't yet received its 421a abatement. (It's eligible, but it hasn't received approval yet.) The building filed for this last year and has also received its C of O.
A few questions:
1) Should I be paying property taxes until the 421a comes through? The bank that holds my mortgage has increased my escrow payment because the 421a hasn't been approved yet.
2) If I do, will I get the paid taxes back? (Will the 421a be retroactive?)
3) What can be done to expedite or even follow up on the status of the 421a? The developer has been no help in the process and I'd like to call anyone else who can give me some facts/insight on how to navigate this process.
Thank you in advance!
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