[Adopted 9-10-1979 by L.L. No. 4-1979; amended in its entirety 11-10-1999 by L.L. No. 3-1999]
A partial exemption from taxation to the extent of 50% of the assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or older meeting the requirements set forth in § 467 of the Real Property Tax Law is hereby granted.
The maximum income level for the fifty-percent exemption is established at $19,500.
Annual Income
Percentage of Assessed Valuation Exempt from Taxation
$19,500 or less
50%
More than $19,500 but less than $20,500
45%
More than $20,500 but less than $21,600
40%
More than $21,600 but less than $22,600
35%
More than $22,600 but less than $23,400
30%
More than $23,400 but less than $24,300
25%
More than $24,300 but less than $25,200
20%
More than $25,200 but less than $26,100
15%
More than $26,100 but less than $27,000
10%
More than $27,000 but less than $27,900
5%
More than $27,900
0%