Since tax abatements, including 421-a and J-51, last for a certain number of years and begin to phase out at a certain point, it’s important to know if a building is part of one of these city- or state-sponsored programs and, if so, how many years remain on the abatement. With Marketproof’s tax abatement filter, subscribers can easily access tax information for new development and re-sale condos. Here’s what you can do:
Tax abatement search
Tax Benefits is now a filter in Building Search and the Sales Velocity tool. Select a tax benefit (421-a or J-51a), as well as how many years remain on the abatement.
Sellers Agents—Download owners’ lists for buildings with expiring tax abatements and use them for prospecting.
Buyers Agents—Identify units with remaining tax abatements, and help clients understand what their new tax bill will look like.
Developers—Compare PPSF of projects with and without tax abatements for more accurate pricing.
Tax benefit phase-out chart
As mentioned, tax abatements only last for so many years and begin to phase out by a certain percentage after a set number of those years. Building and unit pages now have new charts that show the length of the tax benefit and what its phase-out looks like by year.
Share tax data
Tax abatements can dramatically affect a unit’s carrying costs today, but when looking at a long-term investment, it’s helpful to see how these costs will increase over time. Owners approaching the end of an abatement may be more inclined to sell or refinance, whereas buyers looking for a deal may seek out units with a healthy number of years left on an abatement. For brokers, developers, and agents, all of this factors into pricing, negotiating and prospecting.
Use the filters to create collections of buildings with tax abatements that you can share directly with clients. Or download owners’ lists for prospecting. And when you share individual buildings or units, as well as collections, this information is readily available for clients to see.
Getting started with Marketproof
Tax-level data is another way Marketproof New Development is here to help you with your business. With Marketproof New Development & Condo, you can access available inventory, past sales, and more for 160,000 condos. You can also see the pipeline of future projects. Create an account today, and get a 7-day free trial.
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