§ 50-01 Purpose and Scope of Rules.
RCNY § 50-01
Section 467-a of the Real Property Tax Law, originally enacted in 1996, established an abatement from real property taxes for dwelling units in real property held in the cooperative or the condominium form of ownership that meet the qualification criteria of the law. This law was amended in 2013 to change certain provisions relating to eligibility and application for the abatement for fiscal years beginning in 2012, 2013 and 2014. Section 467-a was again amended in 2021 to add certain requirements regarding the payment of prevailing wage to building service employees and the certification and verification of the primary residence status of an owner. Section 467-a authorizes the Commissioner of Finance of the City of New York to promulgate rules necessary to effectuate the purposes of the law. These rules are intended to clarify the criteria for eligibility for the abatement and the requirements concerning application for the abatement for fiscal years beginning in 2012, 2013 and 2014. (Amended City Record 4/27/2022, eff. 5/27/2022)
