Establishes a maximum rent of one-third of household income for senior citizens and disability rent increase exemptions.

This bill amends the real property tax law and the administrative code of New York City to establish a maximum rent of one-third of household income for the senior citizens rent increase exemption and disability rent increase exemption. It ensures that eligible heads of households can obtain a rent increase exemption order or tax abatement certificate, provided by local law, ordinance, or resolution. The maximum rent cannot exceed one-third of the combined income of all members of the household for the taxable period.

Establishes a maximum rent of one-third of household income for senior citizens and disability rent increase exemptions.

This bill amends the real property tax law and the administrative code of New York City to establish a maximum rent of one-third of household income for the senior citizens rent increase exemption and disability rent increase exemption. It ensures that eligible heads of households can obtain a rent increase exemption order or tax abatement certificate, provided by local law, ordinance, or resolution. The maximum rent cannot exceed one-third of the combined income of all members of the household for the taxable period.