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NY S04951
Bill
Status
3/3/2017
Primary Sponsor
Ruben Diaz
Click for details
AI Summary
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Amends real property tax law to authorize cities, towns, and villages to adopt local laws providing tax abatements on rental properties for seniors age 62+ with household income not exceeding $70,000 per year
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Tax abatement covers the portion of rent increases that cause maximum rent to exceed one-half of combined household income
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For seniors with disabilities, tax abatement eligibility is limited to those whose household income does not exceed the maximum income threshold for federal Supplemental Security Income benefits
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Authorizes cities with population of one million or more to grant rent increase exemptions to eligible seniors, with property owners receiving corresponding property tax exemptions equal to the rent relief provided
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Legislation takes effect immediately upon enactment
Legislative Description
Provides additional rent protection for senior citizens whose household income does not exceed $70,000 in cases where their rent is more than one-half of their income.
Last Action
REFERRED TO AGING
3/3/2017