condo taxes after tax abatement ends

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If tax lots have been assigned, it may be possible to go to the dept. of finance site and look at the actual tax assessments and bills.  I’ve only seen them for resales and don’t know if they’re available for new construction but if so, that will give you an accurate idea of the current taxes. The bill will show full taxes less any abatement.

for a new condo, that is on the low side.  there are several small developements that will be double that price.  the market will be flooded in 5 years as those were built between 5 & 10 years ago.  I remember heated discussion that they could never raise the taxes to those levels.  The way people who over paid for homes back in the bubble and have been bailed out, it would not surprise me if the did the same for condo purchasers and their taxes.

$1000/month in taxes for a $500k apartment does sound crazy, but the broker has no interest in overstating what taxes will be. NYC property taxes are notoriously complex and confusing. Condos get valued as if they were rental property, so that depends on the estimated rental income, expenses, and capitalization rate used by the city in the imaginary scenario they use to come up with a value. Then the assessed value is 45% of this fictitious value, and the tax rate is 13.433% of the assessed value. Best bet might be to sell and move on after 7 or 8 years. An article on 421a abatements… http://www.nytimes.com/2011/11/13/realestate/the-421a-tax-exemption-dont-say-you-didnt-know.html