What's happening
This bill allows New York City to grant property tax abatements for certain rent-regulated or restricted apartments, with approval by the housing department.
Why it matters
Expands eligibility for property tax abatements. to include more types of rent-regulated and rent-restricted apartments, even if they are no longer officially regulated, as long as landlords sign agreements to limit rent increases for the lifetime of the tenancy.
Allows agreements where rent increases may be above, at, or below Rent Guidelines Board limits. (for certain properties), giving flexibility to tailor rent restrictions that can still qualify for tax abatements, potentially incentivizing landlords to maintain or newly adopt rent-restriction agreements.
Requires approval from the NYC Department of Housing Preservation and Development. for any abatement under these new provisions, providing a layer of oversight and ensuring city housing policy priorities are considered.
May help preserve affordable housing for seniors and other vulnerable tenants. by creating financial incentives for landlords to keep units rent-restricted, even after other regulatory protections might expire, potentially mitigating the loss of affordable units in the city.
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Headline styles
Expand Tax Abatements for Renters
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Expand Tax Abatement Options
In Senate Committee · Local Government · Sponsor Brian Kavanagh
Full text
3 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10983
IN ASSEMBLY
May 29, 2018
Introduced by M. of A. GLICK -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to local laws, ordinances or resolutions providing for the abatement of taxes in a city with a population of one million or more persons
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph a of subdivision 1 of section 467-b of the real property tax law, as amended by chapter 576 of the laws of 1974, is amended to read as follows:
a. "Dwelling unit" means that part of a dwelling in which a head of the household resides and which is subject to either the emergency housing rent control law or to the rent and rehabilitation law of the city of New York enacted pursuant to the local emergency housing rent control law, or to the emergency tenant protection act of nineteen seventy-four or is a dwelling unit contained in real property described in subdivision eleven of this section;
§ 2. Paragraph a of subdivision 1 of section 467-b of the real property tax law, as amended by chapter 689 of the laws of 1972, is amended to read as follows:
a. "Dwelling unit" means that part of a dwelling in which a head of the household resides and which is subject to either emergency housing rent control law or to rent and rehabilitation law of the city of New York enacted pursuant to the local law enacted pursuant to the local emergency housing rent control law or is a dwelling unit contained in real property described in subdivision eleven of this section;
§ 3. Section 467-b of the real property tax law is amended by adding a new subdivision 11 to read as follows:
11. In a city with a population of one million or more, any such local law, ordinance or resolution may provide for the abatement of taxes of such city imposed on:
(a) real property originally organized pursuant to article two of the private housing finance law containing dwelling units in which the qualifying head of household or their qualifying successor in interest: (i)
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11633-01-7
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has a signed agreement with the landlord to limit increases in maximum rent to an amount based on what is ordered by the rent guidelines board for the lifetime of the tenancy, which amount may be less than, equal to, or greater than the amount so ordered by the rent guidelines board, and (ii) is otherwise eligible for the tax abatement provided in this section, regardless of whether such real property is still subject to the regulations of said article; or
(b) real property containing dwelling units in which the qualifying head of household or their qualifying successor in interest: (i) has a signed agreement with the landlord to limit increases in maximum rent to an amount equal to or less than those ordered by the rent guidelines board for the lifetime of the tenancy, and (ii) is otherwise eligible for the tax abatement provided in this section;
(c) provided, however, that the application for any abatement pursuant to this subdivision shall be subject to the approval of the New York city department of housing preservation and development, in such department's discretion.
§ 4. Paragraph b of subdivision 1 of section 467-c of the real property tax law, as amended by chapter 420 of the laws of 1991, is amended to read as follows:
b. "Dwelling unit" means that part of a dwelling in which an eligible head of the household resides and which is subject to the provisions of either Article II, IV, V, or XI of the private housing finance law; or that part of a dwelling which was or continues to be subject to a mortgage insured or initially insured by the federal government pursuant to section two hundred thirteen of the National Housing Act, as amended, in which an eligible head of the household resides or is a unit in a housing development described in subdivision thirteen of this section.
§ 5. Section 467-c of the real property tax law is amended by adding a new subdivision 13 to read as follows:
13. In a city with a population of one million or more, any such local law, ordinance or resolution may provide for the abatement of taxes of such city imposed on:
(a) real property originally organized pursuant to article two of the private housing finance law containing dwelling units in which the qualifying head of household or their qualifying successor in interest: (i) has a signed agreement with the landlord to limit increases in maximum rent to an amount based on what is ordered by the rent guidelines board for the lifetime of the tenancy, which amount may be less than, equal to, or greater than the amount so ordered by the rent guidelines board, and (ii) is otherwise eligible for the tax abatement provided in this section, regardless of whether such real property is still subject to the regulations of said article; or
(b) real property containing dwelling units in which the qualifying head of household or their qualifying successor in interest: (i) has a signed agreement with the landlord to limit increases in maximum rent to an amount equal to or less then those ordered by the rent guidelines board for the lifetime of the tenancy, and (ii) is otherwise eligible for the tax abatement provided in this section;
(c) provided, however, that the application for any abatement pursuant to this subdivision shall be subject to the approval of the New York city department of housing preservation and development, in such department's discretion.
§ 6. This act shall take effect immediately; provided, however, that:
(a) the amendments to paragraph a of subdivision 1 of section 467-b of the real property tax law made by section one of this act shall be
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subject to the expiration and reversion of such section pursuant to section 17 of chapter 576 of the laws of 1974, as amended, when upon such date the provisions of section two of this act shall take effect; and
(b) the amendments to section 467-b of the real property tax law made by section three of this act shall survive the expiration and reversion of such section as provided in section 17 of chapter 576 of the laws of 1974, as amended.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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