[Adopted 12-14-2009 by L.L. No. 55-2009[1]]
[1]
Editor's Note: This local law provided that it shall take effect on January 2, 2010, subject to acceptance and filing by the Secretary of State.
A. 
Percentage and computation of exemption.
(1) 
Subject to and in accordance with the further terms of § 467 of the Real Property Tax Law, certain real property shall be exempt from taxation to the extent indicated in the following schedule if owned by one or more persons, each of whom is 65 years of age or over, or if owned by husband and wife, one of whom is 65 years of age or over, provided that the combined annual income of said owners is not more than the corresponding amounts set forth in the following schedule:
[Amended 1-24-2011 by L.L. No. 1-2011]
Personal Income
Assessed Valuation Exempt From Taxation
Not more than $24,000
50%
More than $24,000 but less than $25,000
45%
$25,000 or more, but less than $26,000
40%
$26,000 or more, but less than $27,000
35%
$27,000 or more, but less than $27,900
30%
$27,900 or more, but less than $28,800
25%
$28,800 or more, but less than $29,700
20%
$29,700 or more, but less than $30,600
15%
$30,600 or more, but less than $31,500
10%
$31,500 or more, but less than $32,400
5%
(2) 
Such exemption shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed.
B. 
The real property tax exemption on real property owned by husband and wife, one of whom is 65 years of age or over, once granted, shall not be rescinded solely because of the death of the older spouse so long as the surviving spouse is at least 62 years of age.