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Very important. The centerpiece of this article is the 421-a exemption which was repealed last year. New condos being sold today are subject to the full assesse
by MrApathy 5y ago
Very important. The centerpiece of this article is the 421-a exemption which was repealed last year. New condos being sold today are subject to the full assessed amount. All stock currently in the 421-a program is subject to a phased increase over a period of 25 years.
- SirSourdough 5y agoWhere the "full assessed value" is still only 5 or 10% of the price paid though? Doesn't seem like it hits at the heart of the issue. Seems like the sales price should be far more of factor in these ultra-luxury sales; the market says a house is worth $100m and an assessor looks at that and says the value for tax purposes is $5m, how does that make any sense?