[Adopted 9-24-2019 by L.L. No. 1-2019]
It is the intent of this article to continue to provide a real
property tax exemption to certain senior citizens in accordance with
Section 467 of the Real Property Tax Law and to distribute the exemption
in a more equitable manner. In addition, it is the intent of this
article to permit an offset to the income used in determination of
applicants' eligibility for the senior citizen exemption to be
offset by medical and prescription drug expense.
Effective January 1, 2020, the City of Olean shall grant a real
property tax exemption to certain individuals 65 years of age or over,
in accordance with Section 467(1)(b) of the Real Property Tax Law.
Effective January 1, 2020, the maximum income eligibility level
as described in Section 467 of the Real Property Tax Law is hereby
established as follows:
|
Income
|
Exemption Eligibility
|
|---|---|
|
$18,500 or less
|
50% of assessed value exempt
|
|
$18,501 but less than $18,500
|
45% of assessed value exempt
|
|
$19,500.01 but less than $20,500
|
40% of assessed value exempt
|
|
$20,500.01 but less than $21,500
|
35% of assessed value exempt
|
|
$21,500.01 but less than $22,400
|
30% of assessed value exempt
|
|
$22,400.01 but less than $23,300
|
25% of assessed value exempt
|
|
$23,500.01 but less than $24,200
|
20% of assessed value exempt
|
|
$24,200.01 but less than $25,100
|
15% of assessed value exempt
|
|
$25,100.01 but less than $26,000
|
10% of assessed value exempt
|
Any income used in the determination of applicants' eligibility
for the exemption hereby granted shall be offset by all medical and
prescription drug expenses actually paid which were not reimbursed
or paid for by insurance.
All other provisions of Section 467 of the Real Property Tax
Law of the State of New York shall be in effect for the purposes of
City real property taxation in the City of Olean.
If any provision of this article shall be adjudged by any court
of competent jurisdiction to be invalid, then such adjudication shall
not affect, impair or invalidate the remainder thereof, but shall
be confined in its operation to the particular provision directly
involved in the controversy in which such judgment shall have been
rendered.
This article shall take effect January 1, 2020.
