Extends property tax abatements to rent-controlled or rent regulated properties occupied by tenants paying maximum allowable rent exceeding half of.

This bill amends the real property tax law to extend tax abatements to rent-controlled or rent regulated properties occupied by tenants paying maximum allowable rent exceeding half of 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 conditions for eligibility and outlines the process for applying for these tax abatements.

Extends property tax abatements to rent-controlled or rent regulated properties occupied by tenants paying maximum allowable rent exceeding half of.

This bill amends the real property tax law to extend tax abatements to rent-controlled or rent regulated properties occupied by tenants paying maximum allowable rent exceeding half of 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 conditions for eligibility and outlines the process for applying for these tax abatements.