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Please add 2015 to the title.

Very important. The centerpiece of this article is the 421-a exemption which was repealed last year. New condos being sold today are subject to the full assessed amount. All stock currently in the 421-a program is subject to a phased increase over a period of 25 years.

Where the "full assessed value" is still only 5 or 10% of the price paid though? Doesn't seem like it hits at the heart of the issue.

Seems like the sales price should be far more of factor in these ultra-luxury sales; the market says a house is worth $100m and an assessor looks at that and says the value for tax purposes is $5m, how does that make any sense?

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