Buyers, grab your checkbooks! The finite life of the 421A tax abatement is coming to an end. The 421A tax abatement has become a valuable marketing tool for new condo projects and saves thousands of dollars in monthly taxes for buyers. It drastically reduces monthly tax payments over a 10-year period, with monthly taxes increasing incrementally every 2 years (until fully adjusted by the tenth year). For example, 421A taxes on a $2,500,000 3BR/2.5BA at 310 East 53rd Street are only $231 (monthly, for the first 2 years)! I'm not sure how much longer it'll be around, but the rumormill foresees its extinction sooner rather than later. For more information about the 421A tax abatement, Google "421A tax abatement" and read to your heart's content.
Tuesday, May 1, 2007
Goodbye 421A...
Buyers, grab your checkbooks! The finite life of the 421A tax abatement is coming to an end. The 421A tax abatement has become a valuable marketing tool for new condo projects and saves thousands of dollars in monthly taxes for buyers. It drastically reduces monthly tax payments over a 10-year period, with monthly taxes increasing incrementally every 2 years (until fully adjusted by the tenth year). For example, 421A taxes on a $2,500,000 3BR/2.5BA at 310 East 53rd Street are only $231 (monthly, for the first 2 years)! I'm not sure how much longer it'll be around, but the rumormill foresees its extinction sooner rather than later. For more information about the 421A tax abatement, Google "421A tax abatement" and read to your heart's content.
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