Because of his move to 1600 Pennsylvania Avenue, President Trump is no longer eligible for the tax break he was poised to receive on his Trump Tower condo.
Because the president no longer resides in the apartment, the abatement was removed from his tax records for the new tax year, the New York Daily News reported. Records indicated he was set to save $48,834.62 for the year beginning July 1, the report said.
“We have removed the exemption and have contacted the managing agent to update their records,” the city’s Department of Finance spokeswoman Sonia Alleyne told the Daily News. “Managing agents are required by law to inform the Department of Finance of primary residency changes.”
Homeowners are eligible for the tax break if the condo is their primary residence. According to the city’s rules, ““the dwelling unit in which the owner of the dwelling unit actually resides and maintains a permanent and continuous physical presence.”
Trump did take the tax abatement last tax year. His taxes were $251,574, but were reduced by $44,025 thanks to the abatement, the report said.
Last year, Paul Manafort, Trump’s former campaign manager, appeared to be double dipping on the property tax breaks for his homes in Florida and at Trump Tower. His primary residence at the time was Florida. [NYDN] — Meenal Vamburkar