Bill > A01041

This bill provides a real property tax abatement related to the removal of leaded paint from certain residential rental buildings in cities that adopt a local law to grant the abatement. The abatement amount would equal the cost of the lead-based paint remediation, subject to any maximum limits set by the city. To qualify, the remediation must have been completed after the effective date of the local law, performed by certified firms, and the building must not have any delinquent city taxes. The abatement would be paid over a maximum of two years, not exceeding the building's tax liability in the year it is taken. The bill defines key terms like "lead-based paint remediation" and "residential rental building," and requires an application process with supporting documentation. The provisions would apply to assessment rolls prepared on or after January 1, 2024.