[Adopted 9-24-1998 by Ord. No. 1672; amended
in its entirety 12-21-2006 by Ord. No. 1796]
[Amended 1-29-2009 by Ord. No. 1841; 2-18-2010 by Ord. No. 1857]
A. As provided in § 459-c of the Real Property
Tax Law, disabled persons tax exemptions will be based upon the following
sliding scale:
|
Annual Income
|
Percentage of Exemption
|
---|
|
More than $36,500 but less than $37,400
|
5%
|
|
More than $35,600 but less than $36,500
|
10%
|
|
More than $34,700 but less than $35,600
|
15%
|
|
More than $33,800 but less than $34,700
|
20%
|
|
More than $32,900 but less than $33,800
|
25%
|
|
More than $32,000 but less than $32,900
|
30%
|
|
More than $31,000 but less than $32,000
|
35%
|
|
More than $30,000 but less than $31,000
|
40%
|
|
More than $29,000 but less than $30,000
|
45%
|
|
$29,000 or less
|
50%
|
B. "Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal income tax
return or, if no such return is filed, the calendar year. Where title
is vested in either the husband or the wife, their combined income
may not exceed such sum. Such income shall include social security
and retirement benefits, interest, dividends, total gain from the
sale or exchange of a capital asset which may be offset by a loss
from the sale or exchange of a capital asset in the same income tax
year, net rental income, salary or earnings, and net income from self-employment,
but shall not include a return of capital, gifts or inheritance. In
computing net rental income and net income from self-employment, no
depreciation deduction shall be allowed for the exhaustion or wear
and tear of real or personal property held for the production of income.