9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)

Citation
9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)
Jurisdiction
New York (state)
Source verification
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2102.3 ↗

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(1) The net annual rental
income from a property yields a net annual return of less than seven and
one-half percent of the valuation of the property, as hereinafter defined. Such
valuation shall be the current assessed valuation established by a city, town
or village, which is in effect at the time of the filing of the application for
an adjustment under this paragraph, properly adjusted by applying thereto the
ratio which such assessed valuation bears to the full valuation as determined
by the State Board of Equalization and Assessment on the basis of the
assessment rolls of cities, towns and villages for the year 1954 and certified
for such year by such board pursuant to section 49-d of the Tax Law; provided,
however, that where at the time of the filing of the application for an
adjustment under this paragraph such board has computations for such year
indicating a different ratio for subclasses of residential property in a city,
town or village, the Administrator shall give due consideration to such
different ratio except ratios in excess of 100 percent, provided, however, that
where such board has not determined and certified any ratio pursuant to such
section of such law for a city, town or village for such year, the
Administrator shall apply the ratio determined or certified by such board
pursuant to section
of
the Real Property Tax Law for the most recent year except where there has been
a bona fide sale of the property within the period between March 15, 1957, and
the time of filing of the application, as a result of a transaction at arms'
length, on normal financing terms at a readily ascertainable price and
unaffected by special circumstances such as a forced sale, exchange of
property, package deal, wash sale or sale to a co-operative; provided, however,