At first glance a Tax Abated condo looks like a really great
deal, after all anytime we can pay less in taxes it’s a good thing! However, it
is always wise to ask a few questions before jumping into the pool of buyers
looking for a tax abated condo.
First question you need to ask is when does the tax
abatement end? Do some research if it ends soon and see approximately what the
unabated tax will be on the condo. The auditor’s office can generally help you
with this type of research. If the abatement ends soon, be prepared to increase
your housing budget by that much.
Second question is there a chance the abatement will be
extended? If the answer is yes go a little deeper, has the request been made
and if so when will they know the answer. Extensions are not a sure thing.
On the positive side if you are looking at a home that is
tax abated and it’s going to be quite awhile it can be a really good thing! If
you are paying on a $400,000 condo with a tax abatement it drastically reduces
your monthly costs. Based on a tax rate of $7000 per year you are knocking
off over $500 in housing expenses per
month. So possibly you can get more condo than you expected!
There is a good side to an abatement and a scary side – just
be sure you are informed and working with an agent that knows the questions to
ask before you buy. If you are ready to
start your home search!
When your ready to buy or sell please give me a call for a FREE NO OBLIGATION consultation!
My direct phone number is 330-304-9015 my office number is 614-383-7937
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