Whether you are a buyer, renter, or seller, we’ve collected a wealth of real estate resources to make the transaction process smoother. We are brokers that will work with you so you know the ins and outs of each step of the deal. Below, you’ll find resources we’ve gathered to help guide you through every step of the process.
General Information
NYC Closing Costs
Mortgage Calculator
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Other Helpful Links
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NYC Real Estate Taxes
Real Estate taxes in New York City are challenging to decipher – the amount of annual tax is based on the assessed value of the property, which is a small fraction of the market value. Unfortunately, finding the assessed value of a property isn’t based on a hard formula and is not easily calculated. As such, each property’s yearly real estate taxes will be different, and the differences can be small, or vary widely.
Abatement Categories
In addition, if the co-op or condo is being used as a primary residence, the owner may qualify for NYC’s co-op/condo tax abatement and have their property taxes reduced, but the exact amount depends on the assessed value:
- $50,000 or less = 28.1% abatement
- $50,001-$55,000 = 25.2% abatement
- $55,001-$60,000 = 22.5% abatement
- $60,001 and above = 17.5%
Caveats
There are several caveats to this abatement, and you can find the most up to date requirements at nyc.gov’s article on the cooperative and condominium tax abatement.
At the end of the day, the in-depth details of a transaction are best reviewed with an experienced real estate broker. If you have any questions at all regarding NYC’s Real Estate Taxes or want more information about a specific property, feel free to reach out. We’d love to speak with you.
