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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan, March 08
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp, Feb 08
When does Your Downtown Columbus Condo Tax Abatement Begin?
October 11th, 2007 categories: Condos & Lofts, Downtown
Surprise, It’s not the day you purchase your Columbus condo.
It’s the day the developer gets the certificate of occupancy for the entire project or a block of units in the project. The other day I wondered aloud what will happen when all the tax abatement given for the downtown condos begin to run out. That prompted this post.
If you’re looking to purchase a home in downtown Columbus that advertises a 10 year tax abatement and was built and ready to go 2 years ago and you’re purchasing a new unit that hasn’t been lived in yet, you may only have Eight Years left on your tax abatement— even though you just bought it. Be pro-active and if your Realtor isn’t on top of it, make sure you are.
Also, Don’t forget that Tax Abatement Does Not Mean No Taxes Whatsoever. If it’s a new build, your likely to be taxed your portion of the value of the land pre-construction. If it’s a rehab project, you’ll be taxed your portion (i.e. 20 units in the project, you pay roughly 1/20th of the bill) of both the land and the pre-construction Auditor’s value of the building. Each project is a little different, so be aware.
How can you find out exactly what time your downtown Columbus Condo tax abatement runs out? Call or email the Downtown Columbus Development Office with the City of Columbus. They have all the paperwork on file.
Possibly of Interest: Columbus Real Estate August Recap - Downtown Columbus Condos
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Columbus Real Estate Notes on Homes for Sale, the Columbus Market, and Home Buyer Help » Downtown Columbus Condos - February Update - For Sale-Sold
March 4th, 2008
[…] When does Your Downtown Columbus Condo Tax Abatement Begin? […]