[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%
|
