NY S07057

Establishes maximum rent at one-third of combined household income for Senior Citizens Rent Increase Exemption (SCRIE) and Disability Rent Increase Exemption (DRIE) recipients in cities with population of one million or more.

Requires tax abatement certificates to be issued to eligible heads of household for rent amounts exceeding one-third of combined household income, with copies sent to property owners and collecting officers.

Removes the provision that allowed DRIE recipients granted exemptions before July 1, 2015 to retain fixed exemption amounts regardless of whether rent exceeded one-third of household income.

Changes rent calculation rules to eliminate the option of charging rent based on whichever is greater between one-third of disposable income or rent in effect before eligibility date; now caps rent at one-third of disposable income only.

Takes effect immediately, with amendments to real property tax law and administrative code expiring according to existing expiration dates for those laws.