What are tax abatements?
[TOP] Many condominiums enjoy the benefit of real estate tax abatements. 421-A is a program in which taxes are phased in over a 12-year period. Generally, taxes are not paid for the first two years and then they are due in 20% increments every two years thereafter. This type of information can be found in the prospectus or black book. You should be able to obtain the prospectus from the listing broker or managing agent for the condo.
