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August 25, 2009
Need advice re. Prop. tax abate.
Hi,
My wife and I are embarking on our first apartment purchase and it is already quite an adventure. We have had an offer accepted on a 2 bedroom brownstone apartment in Harlem. The property comes with 4 years remaining on a tax abatement, putting monthly taxes at around $70.
What I am trying to find out (without much luck) is how much those taxes will increase when the abatement ends. I know it is impossible to be precise (taxes fluctuate), but is there any way to get a ball park figure? I am deathly afraid of them rocketing to $700 a month or something like that.
Any feedback is much appreciated and apologies if I am missing something obvious.
Thanks :)
Comments
You can go to NYC.gov to see what comparable houses on the block are paying. Property Shark might have the info too.
Posted by: Arkady at August 25, 2009 10:47 AM
Do not look at houses; they pay next to nothing. It has to be a similar coop. I would guess at least $300-400/mo.
Posted by: BH76 at August 25, 2009 10:52 AM
Do you have a copy of the offering plan? If so, take a look at the Schedule A (i.e. a spreadsheet that lists all the apartments, square footage, common interest, taxes, etc.).
Depending on who did the offering plan, you should see at least two columns for taxes. One column without abatement; the other column with abatement.
Posted by: Miss Breukelen at August 25, 2009 11:55 AM
You can look up the tax bill on NYC.gov website http://www.nyc.gov/html/dof/html/property/property_info_bbl.shtml.
The last quarterly statement should show the property tax plus the abatement deduction.....
Posted by: orrsuz at August 25, 2009 4:10 PM
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