[Adopted 1-24-1996 by L.L. No. 1-1996; amended in its entirety 2-10-2016 by L.L. No. 2-2016]
Real property owned by one or more persons, each of whom is
65 years of age or over, or real property owned by a husband and wife,
one of whom is 65 years of age or over, shall be exempt from taxation
by the Town of Lumberland to the extent of 50% of the assessed value
thereof or such lesser per centum of assessed value thereof for persons
whose maximum income is increased in accordance with the provisions
of Subdivision 1(b)(1)(2) and (3) of § 467 of the Real Property
Tax Law.
The maximum income eligibility determined in accordance with
Subdivision 3 of § 467 of the Real Property Tax Law shall
be $20,500 and shall entitle the owners to a fifty-percent exemption.
No exemption shall be allowed except in accordance with the
provisions of § 467 of the Real Property Tax Law for real
property which qualifies by use and ownership upon application submitted
in the manner provided for by such section.
