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NY S01805
Bill
Status
Introduced
1/14/2025
Primary Sponsor
Nathalia Fernandez
Click for details
AI Summary
- Expands eligibility for rent-controlled and rent-regulated property tax abatements to include tenants whose maximum rent or legal regulated rent exceeds one-half of their household's combined income, regardless of age or disability status
- Currently, tax abatements are limited to households headed by persons 62 years or older or persons with disabilities; this bill adds severe rent burden as a third qualifying category
- Sets the tax abatement amount for newly eligible rent-burdened households as the portion of any rent increase that causes rent to exceed one-half of combined household income
- Requires the state comptroller to annually reimburse cities 10% of real property tax revenue lost due to these expanded abatements
- Takes effect July 1, 2026
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 CITIES 1
1/7/2026
Committee Referrals
Cities 11/7/2026
Finance2/25/2025
Cities 11/14/2025
Full Bill Text
No bill text available