New York A05235 amends the real property tax law to allow for retroactive reclassification of rent-controlled dwellings when there is a permanent.

New York A05235 amends the real property tax law to allow for retroactive reclassification of rent-controlled dwellings. This reclassification can occur when there is a permanent decrease in the combined income of all members of the household, provided the decrease exceeds twenty percent of the household's income. The reclassification can be made retroactive to the date of the permanent income decrease, but the look-back period is limited to the date the household filed for the most recent tax abatement application or renewal.

New York A05235 amends the real property tax law to allow for retroactive reclassification of rent-controlled dwellings when there is a permanent.

New York A05235 amends the real property tax law to allow for retroactive reclassification of rent-controlled dwellings. This reclassification can occur when there is a permanent decrease in the combined income of all members of the household, provided the decrease exceeds twenty percent of the household's income. The reclassification can be made retroactive to the date of the permanent income decrease, but the look-back period is limited to the date the household filed for the most recent tax abatement application or renewal.