The purpose of this article is to grant 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 over, meeting the requirements set forth
in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age
or over shall be exempt from Town taxes to the extent of 50% of the
assessed valuation subject to the following conditions:
A. The owner or all of the owners must file an application
annually in the Assessor's office on or before taxable status date
or such other time as may be hereafter fixed by law.
B. Income.
[Amended 3-2-1988 by L.L. No. 1-1988; 4-20-1994 by L.L. No.
3-1994]
(1) For the 1995 tax roll, the income of the owner or
the combined income of the owners must not exceed $10,000 for the
12 consecutive months prior to the date that the application is filed.
(2) For the 1996 tax roll, the income of the owner or
the combined income of the owners must not exceed $10,500 for the
12 consecutive months prior to the date that the application is filed.
(3) For the 1997 and subsequent tax rolls, the income
of the owner or the combined income of the owners must not exceed
$11,000 for the 12 consecutive months prior to the date that the application
is filed.
(4) Effective assessment year 2003 (applied on the 2004
Town and county tax bills), the annual senior citizen tax exemption
shall be increased from $11,000 to $12,000. The tax exemption shall
be further increased by $500 in each of the four subsequent fiscal
years; the exemption to be capped in fiscal year 2008 with an exemption
of $14,000.
[Added 8-19-2002 by Res. No. 115-02]
C. Title to the property must be vested in the owner
or, if more than one, in all the owners for at least 24 consecutive
months prior to the date that the application is filed.
D. The property must be used exclusively for residential
purposes, be occupied in whole or in part by the owners and constitute
the legal residence of the owners.