Bill > A05235

This bill modifies the real property tax law to allow retroactive reclassification of rent for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities when household income decreases. Specifically, if the head of a household holds a valid tax abatement certificate and experiences a permanent income decrease of more than 20%, they can apply for a redetermination of their adjusted rent to re-establish the original income-to-rent ratio. The bill adds a provision that allows local jurisdictions to make this rent redetermination retroactive to the date of the income decrease, with the retroactive period limited to the date of the most recently approved application or renewal. This change aims to provide financial relief for households experiencing significant income reductions, ensuring that their rent remains proportional to their current income. The bill defines "adjusted rent" as the maximum or legal regulated rent minus the amount specified in a tax abatement certificate, and it takes effect immediately upon passage.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/A5235