c. Tax abatement for properties subject to rent exemption order.
(1) Tax abatement, pursuant to the provisions of section four hundred sixty-seven-b of the real property tax law, shall be granted with respect to any real property for which a rent exemption order is issued under subdivision b of this section to the tenant of any housing accommodation contained therein. The rent exemption order shall also constitute the tax abatement certificate.
(2) The real estate tax imposed upon any real property for which a rent exemption is issued, shall be reduced and abated by an amount equal to the difference between:
(i) the sum of the maximum rents collectible under such orders, and
(ii) the sum of rents that would be collectible from the tenants of such housing accommodations if no exemption had been granted pursuant to subdivision b of this section.
(3) For any individual housing accommodation, the tax abatement computed pursuant to this subdivision shall be available with respect to a period commencing on the effective date of the initial rent exemption order, and ending on the expiration date of such order or on the effective date of an order terminating the rent exemption.