The State enabling legislation, upon which the provisions of the New York City Administrative Code are based, authorizes the abatement of taxes on certain multiple dwellings, including the land, "by an amount no greater than eight and one-third per centum of the cost of such alterations and improvements each year for a period not to exceed twelve years." (Real Property Tax Law, § 489, subd. 2). In the absence of qualifying language, it should be presumed that the "cost...
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