NY A01041

Cities may adopt local laws to grant real property tax abatements for lead-based paint remediation costs in residential rental buildings with three or more dwelling units.

Abatement amount equals remediation costs, payable over a maximum of two years, but cannot exceed the building's tax liability in the year the abatement is taken; cities may set maximum dollar limits per item and total abatement caps.

Remediation must be performed by EPA-certified firms and workers under 40 C.F.R. part 745, and commenced after the local law's effective date; property owners must apply within one year of completion with sworn statements, EPA certifications, and itemized cost documentation.

Building owners must have no delinquent city taxes as of the applicable taxable status date to qualify for the abatement, which applies only once per building for one remediation project.

Legislation takes effect immediately and applies to assessment rolls based on taxable status dates on or after January 1, 2024; application information is exempt from public disclosure.