December 21, 2017
The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.
The Cooperator
By A.J. Sidransky
Excerpt:
Buell thinks the new legislation will negatively impact the middle and lower ends of the market as well. “I believe it will have a significant detrimental effect to co-op and condo values,” he said. “Particularly lower- and medium-priced units. These homeowners typically factor in the tax benefits of the deduction for real property taxes when determining the price which they can pay for a unit. Less tax benefit will result in a reduced price they will be able to afford.”
