Extends property tax abatement to rent-controlled or rent-regulated properties occupied by seniors or disabled persons paying maximum rent exceeding.

This bill amends the real property tax law to extend property tax abatements to rent-controlled or rent-regulated properties occupied by senior citizens or disabled persons paying maximum rent exceeding half their household income. It also provides for state payments to cities affected by these tax abatements, equal to 10% of lost real property tax revenue. The bill specifies that no tax abatement shall be granted if the combined income of all household members exceeds certain thresholds.

Extends property tax abatement to rent-controlled or rent-regulated properties occupied by seniors or disabled persons paying maximum rent exceeding.

This bill amends the real property tax law to extend property tax abatements to rent-controlled or rent-regulated properties occupied by senior citizens or disabled persons paying maximum rent exceeding half their household income. It also provides for state payments to cities affected by these tax abatements, equal to 10% of lost real property tax revenue. The bill specifies that no tax abatement shall be granted if the combined income of all household members exceeds certain thresholds.