{"id":51219,"date":"2010-11-22T09:45:27","date_gmt":"2010-11-22T09:45:27","guid":{"rendered":"http:\/\/www.brownstoner.com\/?p=51219"},"modified":"2010-11-22T15:21:27","modified_gmt":"2010-11-22T15:21:27","slug":"421a-tax-abatem-2","status":"publish","type":"post","link":"https:\/\/www.brownstoner.com\/forum-archive\/2010\/11\/421a-tax-abatem-2\/","title":{"rendered":"421a Tax Abatement Confusion"},"content":{"rendered":"<p>I recently purchased a new construction 3 family.  It was built attached to another 3 family.  I&#8217;ve owned it for about 5 months.  The developer told me that he is trying to complete a tax abatement, which will save us about $6000 a year.  I did not factor the tax abatement into my negotiations to buy the property, so it would all be gravy to me.<\/p>\n<p>However, I just learned that if we receive a 421a tax abatement, the units are supposed to become rent-stabilized for the duration of the benefit.  Is this always the case, and are there any ways around it?  Also, I wonder if I can stop him from proceeding with this, since it was not described to me and was not part of our sales agreement.  I would not have bought the property if I thought it could\/would become rent stabilized.  <\/p>\n<p>I believe the reason the developer wants to get the tax break is to reimbursed from the city for the taxes he paid during the building etc.  <\/p>\n <span class=\"plp-active-page\"><span class=\"\">%<\/span><\/span> | <a href=\"https:\/\/www.brownstoner.com\/forum-archive\/2010\/11\/421a-tax-abatem-2\/2\/\" class=\"post-page-numbers\"><span class=\"\">%<\/span><\/a> ","protected":false},"excerpt":{"rendered":"<p>I recently purchased a new construction 3 family. It was built attached to another 3 family. I&#8217;ve owned it for about 5 months. The developer told me that he is trying to complete a tax abatement, which will save us about $6000 a year. I did not factor the tax abatement into my negotiations to&#8230;<\/p>\n","protected":false},"author":20007,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"schneps_byline":"","schneps_post_style":"","schneps_post_source":"","schneps_syndicated_read_more":"","schneps_post_source_sitename":"","schneps_syndicated_thumb_html":"","schneps_syndicated_thumb_src":"","schneps_post_source_shortname":"","schneps_post_source_url":"","schneps_post_source_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[63],"tags":[],"districts":[],"class_list":["post-51219","post","type-post","status-publish","format-standard","hentry","category-taxes"],"acf":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/brownstoner.com\/forum-archive\/2010\/11\/421a-tax-abatem-2\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"421a Tax Abatement Confusion","url":"http:\/\/www.brownstoner.com\/forum-archive\/2010\/11\/421a-tax-abatem-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.brownstoner.com\/forum-archive\/2010\/11\/421a-tax-abatem-2\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Taxes","author":[{"@type":"Person","name":"annieny"}],"creator":["annieny"],"publisher":{"@type":"Organization","name":"Forum Archive","logo":""},"keywords":[],"dateCreated":"2010-11-22T09:45:27Z","datePublished":"2010-11-22T09:45:27Z","dateModified":"2010-11-22T15:21:27Z"},"rendered":"<script type=\"application\/ld+json\" class=\"wp-parsely-metadata\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"421a Tax Abatement Confusion\",\"url\":\"http:\\\/\\\/www.brownstoner.com\\\/forum-archive\\\/2010\\\/11\\\/421a-tax-abatem-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.brownstoner.com\\\/forum-archive\\\/2010\\\/11\\\/421a-tax-abatem-2\\\/\"},\"thumbnailUrl\":\"\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"\"},\"articleSection\":\"Taxes\",\"author\":[{\"@type\":\"Person\",\"name\":\"annieny\"}],\"creator\":[\"annieny\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"Forum Archive\",\"logo\":\"\"},\"keywords\":[],\"dateCreated\":\"2010-11-22T09:45:27Z\",\"datePublished\":\"2010-11-22T09:45:27Z\",\"dateModified\":\"2010-11-22T15:21:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/brownstoner.com\/p.js"},"jetpack_featured_media_url":"","print_hed":"","photo_gallery":[],"print_subhed":"","print_slug":"","syndication_thumb":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts\/51219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/users\/20007"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/comments?post=51219"}],"version-history":[{"count":0,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts\/51219\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/media?parent=51219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/categories?post=51219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/tags?post=51219"},{"taxonomy":"districts","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/districts?post=51219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}