NY S00706

Amends real property tax law to allow redetermination of tax abatement amounts when household income increases or decreases by more than 20 percent from the last approved application.

Permits both the head of household and the city rent agency to initiate redetermination proceedings, removing the previous requirement that only the household could apply.

Recalculates adjusted rent to maintain the original ratio of rent to income that existed at the time of the last approved tax abatement application or renewal.

Establishes minimum adjusted rent floors: one-third of combined household income (or shelter allowance maximum for those receiving social services assistance) to prevent abatement amounts from being redetermined too low.

Takes effect immediately upon enactment.