421a Questions
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.
1 Comments
By rassnd2 on August 1, 2010 9:22 AM
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I've been looking around at other assessments in my area and it seems like everyone has an assessed value and then a revised assessed value based on an "8-30% limitation." I don't know what this limitation is, but it seems like most places end up getting taxed on approximately 16% of their assessed value. My condo is being taxed (after the 8-30% limitation and before the 421a abatement) at approximately 45% of the assessed value.
Does anyone know if I can expect to get my condo brought inline at 16% of the assessed value if I get an attorney to appeal my assessment?