New York S 7925: Establishes a tax rebate program for rent-stabilized housing

Bill Text

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S07925 Summary:

BILL NOS07925 

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SAME ASNo Same As

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SPONSORJACKSON

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COSPNSR

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MLTSPNSR

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Add §485-z, RPT L

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Establishes a tax rebate program for rent-stabilized housing that targets buildings with individually occupied rent-stabilized apartments where the property tax burden significantly exceeds rental income.

Go to top S07925 Actions:

BILL NOS07925 

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05/14/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS07925 Committee&nbspVotes:

Go to topS07925 Floor&nbspVotes:

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

Go to topS07925 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7925

 2025-2026 Regular Sessions

 IN SENATE

 May 14, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the real property tax law, in relation to establishing a
 tax rebate program for rent-stabilized housing

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

 1 Section 1. Legislative findings and purpose. The legislature finds
 2 that rent-stabilized apartments provide vital affordable housing to low-
 3 and moderate-income New Yorkers. However, property taxes can consume a
 4 disproportionate share of the rental income from such apartments,
 5 threatening their long-term affordability and sustainability. The
 6 purpose of this act is to establish a tax rebate program that targets
 7 buildings with individually occupied rent-stabilized apartments where
 8 the property tax burden significantly exceeds rental income, and to do
 9 so in a fiscally responsible and administratively coordinated manner.
 10 § 2. The real property tax law is amended by adding a new section
 11 485-z to read as follows:
 12 § 485-z. Rent-stabilized housing tax relief rebate program. 1. Defi-
 13 nitions. For purposes of this section:
 14 (a) "Rent-stabilized apartment" means a housing unit subject to rent
 15 regulation under the emergency tenant protection act of nineteen seven-
 16 ty-four.
 17 (b) "Eligible building" means a residential building where fifty
 18 percent or more of the units are rent-stabilized and individually occu-
 19 pied.
 20 (c) "Effective tax burden" means the percentage of gross stabilized
 21 rental income allocated to property taxes, as derived from real property
 22 income and expense (RPIE) data or equivalent documentation.
 23 (d) "Unit tax allocation factor" means a standardized formula, as
 24 promulgated by rule, to proportionally allocate property tax liability

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11903-01-5

 S. 7925 2

 1 from the building level to individual rent-stabilized units based on
 2 square footage and rental income.
 3 2. Eligibility. An owner shall be eligible for a rebate under this
 4 section if:
 5 (a) The effective tax burden for rent-stabilized units exceeds seven-
 6 ty-five percent of the gross stabilized rent received;
 7 (b) The capitalization rate of the building is less than two percent
 8 above the federal prime rate, based on certified financial statements;
 9 and
 10 (c) There are no open class C hazardous violations on record with the
 11 New York city department of housing preservation and development or its
 12 equivalent, or such violations are cured within six months of applica-
 13 tion.
 14 3. Rebate calculation. The rebate authorized pursuant to this section
 15 shall be equal to fifty percent of the property tax amount attributable
 16 to rent-stabilized apartments that exceeds the seventy-five percent
 17 threshold defined in subdivision two of this section. Rebates shall be
 18 applied as credits against the following tax year's liability. Rebates
 19 shall be subject to recapture if the building fails to maintain eligi-
 20 bility for the two years following the award.
 21 4. Application process. (a) Applications shall be submitted annually
 22 to the department on or before June thirtieth of each year.
 23 (b) Each application shall include:
 24 (i) Ren