Billionaires pay almost no property tax on $100 Million condos

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Visionaire Millenium Ritz CarltonMarch 9, 2015- The Post reports on a topic that BatteryPark.TV has been covering for years. The “421-a” tax break is a scam that has been thoroughly perverted by the billionaire real estate moguls.

The article states, “New York City’s method of assessing property values is so out of whack that the buyer of the most expensive apartment ever sold — a $100 million duplex overlooking Central Park — pays taxes as if the place were worth just $6.5 million.

With controversial tax breaks granted to the One57 condo tower, the total property tax bill for the spectacular penthouse is just $17,268, an effective rate of 0.017 percent of its sale price.

By contrast, the owner of a nearby condo at 224 E. 52nd St. that recently sold for $1.02 million is paying an effective rate of 2.38 percent, or $24,279, according to data compiled for The Post by the Revaluate.com real estate website.”

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