New York S06470 amends the real property tax law to allow redetermination of tax abatements for rent-controlled and rent-regulated properties based.

New York S06470 amends the real property tax law to allow for redetermination of tax abatements for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. This redetermination can occur if there is a permanent increase or decrease in the combined income of all household members that exceeds 20% of the income represented in the last approved tax abatement application. The redetermination aims to re-establish the ratio of adjusted rent to income that existed at the time of the last application approval. The bill takes effect immediately.

New York S06470 amends the real property tax law to allow redetermination of tax abatements for rent-controlled and rent-regulated properties based.

New York S06470 amends the real property tax law to allow for redetermination of tax abatements for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. This redetermination can occur if there is a permanent increase or decrease in the combined income of all household members that exceeds 20% of the income represented in the last approved tax abatement application. The redetermination aims to re-establish the ratio of adjusted rent to income that existed at the time of the last application approval. The bill takes effect immediately.