The Cooperator spoke with Tax Partner Peter Buell about how tax reform will affect New York City condo and coop owners.
By A.J. Sidransky
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.”