It can pay tax-wise to own a pre-war co-op

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Pre-war co-op apartments in New York pay much lower property taxes, especially when compared to their market value. A recent analysis discovered that, on average, pre-war co-ops pay lower taxes as a percentage of market value than the taxes paid by even typical one- to three-family homes in, say, the outer-boroughs. This tax reality seems to hold true even when the co-ops are compared to recent luxury condos. more [NYT]