421-a right away at The Capri.A large tax benefit is now available immediately to buyers at The Capri Tower Residences, a midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town residential development being converted from rental to luxury condominiums. The tax benefit stems from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's 421-a Property Tax Exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various program, established in the 1970's to encourage housing development. Developers who qualify under the 421-a program can receive a 10-year tax exemption from property taxes for newly constructed housing. The Capri was constructed in 2001. "It normally takes two to three years to get formal approval of a 421-a application, forcing buyers to wait before they can take advantage of this very valuable tax exemption," said Bhatia. "But at The Capri, we applied for (and received approval for) the exemption long enough in advance to allow every single buyer to experience the tax benefits immediately--no ands, its or buts. Indeed, it's already embedded Inserted into. See embedded system. in our offering plan." Because of the immediacy of the 421-a benefit, said Bhatia, the average buyer of a one-bedroom condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. at The Capri is paying only about $200 in real estate taxes a month--compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption. "Thus, over the ten years during which The Capri's taxes are abated Abated, an ancient technical term applied in masonry and metal work to those portions which are sunk beneath the surface, as in inscriptions where the ground is sunk round the letters so as to leave the letters or ornament in relief. From 1911 Encyclopædia Britannica under the program, a typical buyer can save tens of thousands of dollars," he points out. "That's a considerable amount of money in your pocket that can be used to decorate your new home." |
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