New York A00230 amends tax laws to adjust income thresholds for tax abatements on rent-controlled and rent-regulated properties for senior citizens.

New York A00230 amends the real property tax law to modify income thresholds for tax abatements on rent-controlled and rent-regulated properties. For senior citizens, the bill sets a maximum combined household income of $4,000, increasing incrementally to $29,000 by July 2029. For persons with disabilities, the maximum combined household income is set at $50,000, increasing to $55,000 by July 2025. The bill also adjusts the income threshold for property owners, setting it at $3,000, increasing to $55,000 by July 2029.

New York A00230 amends tax laws to adjust income thresholds for tax abatements on rent-controlled and rent-regulated properties for senior citizens.

New York A00230 amends the real property tax law to modify income thresholds for tax abatements on rent-controlled and rent-regulated properties. For senior citizens, the bill sets a maximum combined household income of $4,000, increasing incrementally to $29,000 by July 2029. For persons with disabilities, the maximum combined household income is set at $50,000, increasing to $55,000 by July 2025. The bill also adjusts the income threshold for property owners, setting it at $3,000, increasing to $55,000 by July 2029.