§ 489-iiiiii. Code violations; suspension, termination or revocation of benefits. 1. Abatement benefits shall be suspended, terminated or revoked if the recipient is found to have failed to cure violations of applicable building, fire, or air pollution control codes on the property for which benefits have been granted or any state, city, or municipal business regulations or ordinances in a manner specified by local law or ordinance related to payment of taxes, payment of wages, or fraudulent representation to governmental entities.

Terms Used In N.Y. Real Property Tax Law 489-IIIIII

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.

2. Abatement benefits shall be suspended, terminated or revoked if the recipient is found to have violated any provision of Article 15 of the executive law by a competent authority, agency or court.

3. All taxes plus interest required to be paid retroactively pursuant to this title shall constitute a tax lien as of the date it is determined such taxes and interest are owed. Interest shall be calculated from the date the taxes would have been due but for the abatement claimed pursuant to this title at the interest rate imposed by such city for non-payment of property tax.

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