NY S00483

Authorizes cities, towns, and villages to adopt local laws providing tax abatements on properties with dwelling units where the head of household is 62 years or older and rent exceeds one-half of combined household income.

Tax abatement amount equals the portion of rent increases that causes maximum rent to exceed 50% of combined household income for eligible seniors.

Prohibits tax abatements for households with a disabled head of household if combined income exceeds the maximum income threshold for federal Supplemental Security Income benefits eligibility.

Authorizes cities with populations of one million or more to exempt housing company property from real property taxes in an amount equal to rent increase exemptions actually credited to eligible senior households.

Allows seniors 62 and older to obtain rent increase exemption orders/tax abatement certificates exempting them from increases in maximum rent that cause rent to exceed one-half of combined household income, provided they do not receive monthly shelter allowances under Social Services Law.