HOA & Tax
Homeowners Association Fee
17 Chapel offers a “maintenance free” lifestyle at minimal cost. The projected monthly HOA Fee of $189 includes water and sewer, common area maintenance, common area utilities, refuse removal, capital reserves and insurance on the building structure. Each residence is separately metered for electric and natural gas.
Taxes
17 Chapel is eligible for a 485-a tax abatement program which applies to structures in the City of Albany converted from commercial to residential use. The assessment of the existing building (pre-development) is held in place for the first 8 years following conversion. Beginning in Year 9, 20% of the increase phases in each year until full assessment in the 13th year.
| Example Suite | Presale Price |
Monthly Taxes* |
Projected HOA |
80% Mortgage @ 5.5%, 30 yrs. |
Total Monthly |
12 Yr. Tax Savings** |
| Ten Broeck - 503 | $299,000 |
$51 |
$189 |
$1,359 |
$1,599 |
$63,357 |
| Capitol - 304 | $381,600 |
$69 |
$189 |
$1,733 |
$1,991 |
$80,490 |
| Empire - 505 | $459,000 |
$71 |
$189 |
$2,024 |
$2,284 |
$98,179 |
| Capitol Penthouse - 703 | $537,900 |
$69 |
$189 |
$2,407 |
$2,665 |
$116,839 |
| Grand Hudsonview - 501 | $628,800 |
$92 |
$189 |
$2,856 |
$3,137 |
$135,227 |
*Year 1 taxes projected based on 2009-2010 School, 2010 City/County taxes.
**Savings over period of years assumes no increase in tax rate; actual savings would be greater due to increasing taxes. Anticipated savings are subject to approved application by local assessor.
More information is available from the City of Albany Department of Assessment and Taxation at 518.434.5155.
