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What types of reserves are to be deducted when the “net operating income” of an eligible residential rental property is calculated pursuant to section 581-a?

April 26, 2017calculated deducted eligible net operating income Property pursuant rental reserves Residential types

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What types of reserves are to be deducted when the “net operating income” of an eligible residential rental property is calculated pursuant to section 581-a?

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A. Reserves required by any applicable federal, state or municipal regulatory programs are to be deducted. If the assessor is uncertain whether a purported reserve payment is required, he or she may ask the property owner for additional documentation.