New York A 1877: Relates to prohibiting pre-payment penalties for mortgages secured by real property owned in a cooperative form of ownership

Bill Text

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A01877 Summary:

BILL NOA01877 

&nbsp

SAME ASSAME AS S01805

&nbsp

SPONSORDilan

&nbsp

COSPNSRReyes, Burroughs

&nbsp

MLTSPNSR

&nbsp

Amd §§467-b & 467-c, RPT L

&nbsp

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.

Go to top A01877 Actions:

BILL NOA01877 

&nbsp

01/14/2025referred to aging

01/07/2026referred to aging

Go to topA01877 Committee&nbspVotes:

Go to topA01877 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01877 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1877

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. DILAN -- read once and referred to the Committee
 on Aging

 AN ACT to amend the real property tax law, in relation to tax abatements
 for dwelling units occupied by certain persons residing in rent-cont-
 rolled or rent regulated properties; and providing state aid to cities
 affected by such tax abatements

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The section heading of section 467-b of the real property
 2 tax law, as amended by chapter 188 of the laws of 2005, is amended to
 3 read as follows:
 4 Tax abatement for rent-controlled and rent regulated property occupied
 5 by senior citizens or persons with disabilities or persons paying a
 6 maximum rent or legal regulated rent which exceeds one-half of the
 7 combined income of all members of their household.
 8 § 2. Paragraph b of subdivision 1 of section 467-b of the real proper-
 9 ty tax law, as amended by chapter 188 of the laws of 2005, is amended to
 10 read as follows:
 11 b. "Head of the household" means a person (i) who is sixty-two years
 12 of age or older, [or] (ii) who qualifies as a person with a disability
 13 pursuant to subdivision five of this section, or (iii) who pays a maxi-
 14 mum rent or legal regulated rent which exceeds one-half of the combined
 15 income of all members of their household, and is entitled to the
 16 possession or to the use or occupancy of a dwelling unit;
 17 § 3. Subdivision 2 of section 467-b of the real property tax law, as
 18 amended by chapter 747 of the laws of 1985, paragraph (c) as added by
 19 chapter 553 of the laws of 2015 and paragraph (d) as added by chapter
 20 343 of the laws of 2016, is amended to read as follows:
 21 2. The governing body of any municipal corporation is hereby author-
 22 ized and empowered to adopt, after public hearing, in accordance with
 23 the provisions of this section, a local law, ordinance or resolution

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03910-01-5

 A. 1877 2

 1 providing for the abatement of taxes of said municipal corporation
 2 imposed on real property containing a dwelling unit as defined herein by
 3 one of the following amounts: (a) where the head of the household does
 4 not receive a monthly allowance for shelter pursuant to the social
 5 services law, an amount not in excess of that portion of any increase in
 6 maximum rent or legal regulated rent which causes such maximum rent or
 7 legal regulated rent to exceed one-third of the combined income of all
 8 members of the household; or
 9 (b) where the head of the household qualifies as a person paying a
 10 maximum rent or legal regulated rent which exceeds one-half of the
 11 combined income of all members of the household and does not receive a
 12 monthly allowance for shelter pursuant to the social services law, an
 13 amount not in excess of that portion of any increase in maximum rent or
 14 legal regulated rent which causes such maximum rent or legal regulated
 15 rent to exceed one-half of the combined income of all members of the
 16 household; or
 17 (c) where the head of the household receives a monthly allowance for
 18 shelter pursuant to the social services law, an amount not in excess of
 19 tha