Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.

Statutes affected:
A1877: 467-b real property tax law, 467-c real property tax law, 467-c(1) real property tax law, 467-c(3) real property tax law