There has been a lot of backlash against the 421a tax abatement program, with critics claiming that it gives massive tax breaks to rich luxury condo owners while providing relatively little in return. But just how much are those condo owners saving? "So far, more than one billion dollars of condos have sold at One57, with the average sale price of $26.1 million. Yet the average owner will pay a mere $5,230 in property taxes this year. In total, the forty-four identified sales will pay a combined $230,138 in property taxes, saving a collective $4,774,029 from the 421a abatement, for this year alone." [Hedge Clippers; previously; photo by Tectonic]
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