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The New York Times precented a cautionary tale of a homeowner who recieved a 421-a Tax Exemption, without planning for when the tax exemption disappeared. 

Tod Abram's condo at the Orion on West 42nd Street has a custom Valcucine kitchen, floor-to-ceiling windows and views that stretch from the George Washington Bridge to the Chrysler Building.  Mr. Abrams, who has relocated to Los Angeles to be closer to his son and for work, has already slashed the price three times, to $1.575 million.  He is hoping to sell the apartment in part because his monthly real real estate taxes are poised to surge by more than 400 percent over the next several years.

For the full article visit http://www.nytimes.com/2011/11/13/realestate/the-421a-tax-exemption-dont-say-you-didnt-know.html?pagewanted=all