[Adopted 3-3-1998 by L.L. No. 2-1998]
All real property in the City of North Tonawanda
meeting the application, ownership, residency, income and use requirements
of § 459-c of the Real Property Tax Law shall receive an
exemption equal to 50% of the property's assessed value. The maximum
income for purposes of the fifty-percent exemption shall equal $18,500.
The Common Council of the City of North Tonawanda may alter the income
maximum in the future by enactment of a resolution providing for such
change. Furthermore, a sliding scale exemption between 45% and 5%
shall be provided in accordance with the income schedule included
in Real Property Tax Law, § 459-c.
Any exemption provided by this local law shall
be computed after all other partial exemptions have been subtracted
from the total assessed value. No parcel may receive an exemption
pursuant to Real Property Tax Law § 459-c (disabled with
limited income) and § 467 (aged with limited income).
Application for such exemption must be made
annually by the owner, or all of the owners of the property, on application
forms prescribed by the New York State Board of Real Property Services,
and filed in the Assessor's office on or before taxable status date
March 1, 1998; provided, however, that proof of a permanent disability
need be submitted only in the year this exemption is first sought
or the disability is first determined permanent. At least 60 days
prior to taxable status date, the Assessor shall annually mail to
all exemption recipients listed on the latest completed assessment
roll an application form and a notice that such application must be
filed on or before taxable status date.
This local law shall take effect immediately
and shall apply to assessment rolls prepared on the basis of taxable
status dates occurring on or after March 1, 1998.
