Permits a redetermination of a tax abatement for rent-controlled and rent regulated property upon a permanent decrease in income.

New York A04332 amends the real property tax law to allow a redetermination of a tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities if there is a permanent decrease in income. The adjusted rent cannot exceed one-third of the combined income of all household members unless the head of household qualifies as a person with a disability and has a rent increase exemption order/tax abatement certificate in effect as of January 1, 2015, or before July 1, 2015.

Permits a redetermination of a tax abatement for rent-controlled and rent regulated property upon a permanent decrease in income.

New York A04332 amends the real property tax law to allow a redetermination of a tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities if there is a permanent decrease in income. The adjusted rent cannot exceed one-third of the combined income of all household members unless the head of household qualifies as a person with a disability and has a rent increase exemption order/tax abatement certificate in effect as of January 1, 2015, or before July 1, 2015.