Bill > A04397

This bill amends the real property tax law to provide a tax abatement related to the removal of leaded paint from certain residential rental buildings. The key provisions are: 1. Residential rental buildings where lead-based paint remediation is completed after the effective date of a local law or resolution adopted by the city governing board can receive a real property tax abatement. 2. "Lead-based paint remediation" is defined to mean any measures designed to permanently eliminate lead-based paint or lead-based paint hazards, including removal, enclosure, encapsulation, or replacement of painted components. 3. The abatement is equal to the cost of the lead-based paint remediation, subject to any maximum limits set by the city. The abatement is paid over a maximum of two years, but cannot exceed the building's tax liability. 4. To qualify, the remediation must be performed by certified firms and personnel, and the building must not have any delinquent city taxes. Owners must apply for the abatement within one year of completing the remediation. 5. The assessor will approve eligible applications and the building will receive the abatement starting with the next property tax roll. A building can only receive the abatement for one lead-based paint remediation project. The bill takes effect immediately and applies to assessment rolls with a taxable status date on or after January 1, 2022.