Figuring out property tax after Tax-Abatement runs out?

Hi everyone (happy Monday!),
My apartment’s tax abatement is set to run out in a few years and I’d like to figure out what my property taxes will be once that happens. Does anyone have any suggestions? I’ve tried the NYC gov property portal website but was only able to dig out that my building is still covered and unfortunately not how the taxes will be calculated going forward.
Thank you for any tips/suggestions!
Anita

pdqmail

in General Discussion 8 years ago

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resident2 | 8 years ago

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On your tax bill there is a line that says tax basis. This is your current tax before abatement.
I hope for your sake that who/whatever is managing your building that they have been group challenging the tax re-assessment each year. If you have, the full tax rate will be relatively gentle, if not… booom!
Many condo boards make the mistake of not challenging the increase every year… why should they? “we have a tax abatement!”
So depending on how your building has been managed, either sell now… or know that it will be devalued for a few years once the high tax rate comes on.

Lurker | 8 years ago

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You should be able to go here and then put in what your current taxes are and see what they would be without abatement.
http://nycprop.nyc.gov/nycproperty/nynav/jsp/selectbbl.jsp
I looked this up years ago and my understanding is 421g Tax abatements step/reduce over time. So years 1-11 are 100% abated, year 12 is 80%, 13 is 60% until 15, and then in 16 they’re “market” or the assessed rate (minus whatever other property tax credits your building may qualify for).

We had looked at a condo that had taxes of $150 a year, and which was going to run out in the next few years and as far as we could tell would quickly balloon to like $15k or 20k or something since it was new construction.