TAX SAVINGS
PURCHASING A CONDOMINIUM IN LAWRENCEVILLE LOFTS PROVIDES THE HOMEOWNER WITH A UNIQUE AND POWERFUL INCENTIVE. EACH YEAR, FOR 10 YEARS, THE HOMEOWNER’S REAL ESTATE TAXES ARE REDUCED.
THE TAX SAVINGS ALLOWS THE HOMEOWNER TO REDUCE CITY DISTRICT TAX ASSESSMENT ON THE INCREMENTAL VALUE OF THE PROPERTY UP TO $250,000 FOR 10 YEARS. CHECKOUT THE TABLE BELOW TO LEARN MORE.
IN ADDITION, THE TAX SAVINGS IS “ATTACHED” TO THE CONDOMINIUM. FOR EXAMPLE, IF THE CURRENT HOMEOWNER SELLS THE CONDOMINIUM AFTER 3 YEARS OF RESIDING IN IT, THE NEW HOMEOWNER WILL STILL ENJOY 7 YEARS OF TAX SAVINGS. THIS IS IMPORTANT FOR PROPERTY RESALE.
PLEASE NOTE THAT THE TAX ABATEMENT IS ONLY OFFERED ON CITY TAXES, AND NOT THAT OF THE COUNTY AND SCHOOL TAXES.