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NY S05597
Bill
Status
5/8/2019
Primary Sponsor
Diane Savino
Click for details
AI Summary
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Expands tax abatement eligibility under Real Property Tax Law sections 467-b and 467-c to include tenants whose maximum rent or legal regulated rent exceeds one-half of combined household income, in addition to existing senior citizens (age 62+) and persons with disabilities.
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Allows municipal corporations to grant tax abatements for rent-burdened tenants with rent exceeding 50% of household income, calculated as the portion of rent increase above that threshold.
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Establishes state aid payments to cities implementing these tax abatements, with the state comptroller annually reimbursing 10% of real property tax revenue lost due to the abatements.
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Applies the new rent-burden eligibility criteria to both rent-controlled properties (section 467-b) and certain federally-insured dwelling units (section 467-c).
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Takes effect July 1, 2020, with expiration dates tied to existing sunset provisions in prior legislation (chapters 576 of 1974 and 55 of 2014).
Legislative Description
Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.
Last Action
REFERRED TO AGING
1/8/2020