[Adopted 5-11-1998 by L.L. No. 1-1998;
amended in its entirety 5-18-2005 by L.L. No. 3-2005]
A.
Pursuant to the provisions of § 467 of the
Real Property Tax Law of the State of New York, real property in the
Village of Tivoli owned by one or more persons, each of whom is 65
years of age or over, or real property owned by husband and wife or
by siblings, one of whom is 65 years of age or over, shall be partially
exempt from taxation by the Village based upon the income of the owner
or the combined incomes of the owners.
B.
Such partial exemption shall be to the extent set
forth in the schedule following:
|
Annual Income of Owner or Combined Income
of Owners
|
Percentage Assessed Valuation Exempt From
Taxation
|
|---|---|
|
$24,000 or less
|
50%
|
|
More than $24,000 but less than $25,000
|
45%
|
|
$25,000 or more but less than $26,000
|
40%
|
|
$26,000 or more but less than $27,000
|
35%
|
|
$27,000 or more but less than $27,900
|
30%
|
|
$27,900 or more but less than $28,800
|
25%
|
|
$28,800 or more but less than $29,700
|
20%
|
|
$29,700 or more but less than $30,600
|
15%
|
|
$30,600 or more but less than $31,500
|
10%
|
|
$31,500 or more but less than $32,400
|
5%
|
C.
The partial tax exemption provided in this article
shall be available to persons who are or will be age 65 or over on
or before December 31 following the taxable status date for the tax
year for which the exemption is claimed.
D.
The partial exemption provided by this article shall,
however, be limited to such property and persons as meet the conditions,
exclusions and limitations set forth in § 467 of the Real
Property Tax Law of the State of New York.
E.
Application for such exemption must be made by the
owner or all of the owners of the property on forms prescribed by
the State Board of Real Property Services. Such application shall
be submitted on or before the taxable status date for the tax year
for which the exemption is claimed; provided, however, that in the
event that the owner or all of the owners of property that has received
an exemption pursuant to this article on the preceding assessment
roll failed to file the application required pursuant to this article
on or before the taxable status date, such owner or owners may file
the application, executed as if such application had been filed on
or before the taxable status date, with the Assessor on or before
the last date for the hearing of complaints by the Board of Assessment
Review.
The schedule of eligible incomes may be amended
from time to time by the Village Board to the extent an increase is
permitted by law.
