What Should I Expect When the Tax Abatement Runs Out on My Brooklyn Condo?

September 28, 2017

Q: I bought a condo in Brooklyn 10 years ago, and the tax abatement is set to run out in a couple of years. What should I expect when it does?

“Assuming your tax abatement isn’t extended–and they rarely are–you should expect your annual real property tax bill to increase,” said Nicholas G. Moneta, an associate at Farrell Fritz law office in Uniondale, New York.

You’ll likely be paying property taxes comparable to what others in your neighborhood typically pay, he said. He added that some condo owners have reported monthly tax surges of more than 400%.

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