The purpose of this article is to grant a partial exemption
from taxation to a maximum of 50% of assessed valuation of real property
which is owned by persons with disabilities and limited income, as
defined in Real Property Tax Law § 459-c, who meet the requirements
set forth in § 459 of the Real Property Tax Law.
Real property owned by persons with disabilities and limited
income shall be exempt from City taxes up to a maximum of 50% of assessed
valuation subject to the following conditions:
A. The income of the owner or the combined income of the owners of real
property as defined in § 467 of the Real Property Tax Law,
as amended, for the income tax year immediately preceding the date
of making application for said exemption shall not exceed $24,900.
The percentage of exemption granted shall be between 5% and 50% based
on the following sliding scale:
Income Range
|
Percentage of City Tax Exemption
|
---|
$16,500 or less
|
50%
|
$16,501 to $17,500
|
45%
|
$17,501 to $18,500
|
40%
|
$18,501 to $19,500
|
35%
|
$19,501 to $20,400
|
30%
|
$20,401 to $21,300
|
25%
|
$21,301 to $22,200
|
20%
|
$22,201 to $23,100
|
15%
|
$23,101 to $24,000
|
10%
|
$24,001 to $24,900
|
5%
|
B. The person or persons making application for such exemption shall
comply with all other requirements of § 459-c of the Real
Property Tax Law, as amended.
C. Subject to § 467 of the New York Real Property Tax Law,
the foregoing income eligibility limits, the figures listed in the
foregoing schedule and the current maximum level depicted in the foregoing
schedule may all be amended from time to time, without the necessity
of a public hearing, by resolution of the Common Council of the City.