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NY S08994
Bill
Status
4/8/2024
Primary Sponsor
Nathalia Fernandez
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AI Summary
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Expands eligibility for property tax abatements under Real Property Tax Law sections 467-b and 467-c to include tenants whose maximum or legal regulated rent exceeds one-half of their household's combined income, in addition to senior citizens (age 62+) and persons with disabilities.
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Allows municipalities to grant tax abatements for the portion of rent increases that cause rent to exceed one-half of household income for qualifying tenants, or up to one-third of income for those receiving social services shelter allowances.
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Requires the State Comptroller to annually reimburse each city for 10% of real property tax revenue lost due to implementation of the expanded abatement provisions.
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Applies to rent-controlled and rent-regulated properties in cities that adopt local laws, ordinances, or resolutions authorizing the abatements after public hearing.
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Takes effect July 1, 2024, with certain provisions subject to expiration dates under prior law (sections 5 and 7 become effective upon expiration of sections 4 and 6, respectively).
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
REPORTED AND COMMITTED TO FINANCE
5/7/2024