Friends - this is my first post. I am curious about the true tax effect of a 421a property tax abatement after the entire entirely runs out. According to this article: (http://www.nytimes.com/2011/11/13/reale ... wanted=all) the difference in property taxes is very pronounced after the abatement wears off. Yet, I was checking out some condo in Brooklyn who have had a 15 year 421a abatement granted to them in 1999 and I am not seeing any property taxes out of what the ordinary (class 1) condo owner would pay.
Am I missing something here or is it indeed possible that afte rthe abatement runs out, one could re-tweak the tax profile to avoid the 45% assement rate for a class 2 condo?