[Amended 2-27-2017 by L.L. No. 2-2017]
Pursuant to § 467 of the Real Property Tax Law of
the State of New York, real property 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 exempt from taxation by the Town of Wheatfield, New
York, to an extent of up to 50% of the assessed valuation thereof,
subject to the following conditions: the exemption shall be based
upon the income as described in § 467 of the Real Property
Tax Law of the owner or the combined income of the owners of the property
and shall be as follows:
Annual Income
|
Assessed Valuation Exempt From Taxation
(percent)
|
---|
Less than $21,000
|
50%
|
$21,000 to $21,999.99
|
45%
|
$22,000 to $22,999.99
|
40%
|
$23,000 to $23,999.99
|
35%
|
$24,000 to $24,899.99
|
30%
|
$24,900 to $25,799.99
|
25%
|
$25,800 to $26,699.99
|
20%
|
$26,700 to $27,599.99
|
15%
|
$27,600 to $28,499.99
|
10%
|
The real property tax exemption on real property
owned by husband and wife, one of whom is 65 years of age or over,
once granted shall not be rescinded by any municipal corporation solely
because of the death of the older spouse so long as the surviving
spouse is at least 62 years of age.