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Re: 2017 Tax Reval - Impact on Property Tax Abatement on Newer Homes
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Thank you all for your valuable feedback

Posted on: 7/4 14:27
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Re: 2017 Tax Reval - Impact on Property Tax Abatement on Newer Homes
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Jim, while what mscottc is all true, the reality is that the land value was reassessed at the time of the condo creation, and thus is very close to FMV. You have little to worry over.

Posted on: 7/4 13:49
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Re: 2017 Tax Reval - Impact on Property Tax Abatement on Newer Homes
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First. no one knows with absolute certainty how the reval will affect any individual property, abated or not. There are valid thoughts that certain neighborhoods are over-taxed and will therefore benefit, and that other neighborhoods are under-taxed and will therefore see their taxes go up

That being said, it depends on how your abatement is worded. As far as I understand, abatements are just on the "improvements" to your property, i.e. the building, and not the land. So your land's assessed value could go up or down. Additionally, if your abatement is worded as mine was (just ended) there's a phase out, where your abated taxes are based on an escalating percentage of your unabated tax, then again your assessed value could go up or down. On the other hand, if your abatement is based on some other formula, as mine was for the first years of my abatement, then the taxes on your building should not change.

Simply put, there's no real way to know for sure for any home, abated or not, and each abatement has its own set of rules to apply.

Posted on: 7/4 7:57
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2017 Tax Reval - Impact on Property Tax Abatement on Newer Homes
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Hi,
With the 2017 Tax Reval coming soon I am curious to know its impact on Property Tax Abatement on Newer Homes.Appreciate input from other forum members

thanks

Posted on: 7/4 1:30
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