Bill > S07925

This bill establishes a tax rebate program for rent-stabilized housing in New York that provides financial relief to property owners whose property taxes significantly exceed rental income. The program targets residential buildings where at least 50% of units are rent-stabilized and individually occupied. To qualify, building owners must demonstrate that their effective tax burden (property taxes as a percentage of rental income) exceeds 75%, have a low capitalization rate, and have no serious housing code violations. The rebate will cover 50% of property taxes above the 75% threshold and will be applied as a credit against the following year's tax liability. Owners must apply annually by June 30th, submitting detailed documentation including rent rolls, financial statements, and property tax records, and pay a modest application fee. The program will initially be piloted in low-income community boards and will be administered by a state department that must create standardized calculation methods, establish an electronic application system, and coordinate with various housing agencies. The department is also required to submit annual reports and conduct performance audits every four years. The bill aims to preserve affordable housing by providing financial relief to property owners of rent-stabilized apartments, with the goal of maintaining long-term housing affordability for low and moderate-income New Yorkers.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S7925