Tax Abatement

When you purchase real estate, you must pay taxes to the municipality where that real estate is located. The town of West New York, however, has granted a five-year tax abatement on condominiums purchased at Jaclyn Heights — which means big savings for our homebuyers.

Here is a general overview of how the tax abatement works for Jaclyn Heights:

Year One You only pay taxes on the land assessment
Year Two You only pay 20% of the total annual tax assessment
Year Three You only pay 40% of the total annual tax assessment
Year Four You only pay 60% of the total annual tax assessment
Year Five You only pay 80% of the total annual tax assessment
Year Six The tax abatement is over and you are responsible for paying 100% of the annual taxes each year of home ownership

The actual dollar amount of the savings you will enjoy will depend on a variety of factors, but your Jaclyn Heights salesperson can help you make some estimates.

We also encourage you to talk with your tax preparer about the benefits of home ownership, which usually include the ability to deduct mortgage interest and real estate taxes.