Permits a redetermination of a tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities.
New York S05548 amends the real property tax law and the administrative code of the city of New York to allow for 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. This redetermination aims to reestablish the ratio of adjusted rent to income that existed at the time of the last approved application for a tax abatement certificate or for renewal.
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