[Adopted 12-11-1986 by L.L. No. 3-1986; amended in its entirety 2-12-2004 by L.L. No. 3-2004]
[Amended 2-15-2007 by L.L. No. 1-2007; 2-16-2023 by L.L. No. 1-2023]
Pursuant to the provisions of § 467 of the Real Property
Tax Law, as amended, the Town Board of the Town of Southeast hereby
declares that, for assessment rolls prepared on the basis of a taxable
status date occurring on or after January 1, 2023, the 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 to the extent of the
assessed valuation as set forth below, provided that the income of
the owner or the combined income of the owners of the property for
the income tax year immediately preceding the date of making application
for exemption does not exceed the sum set forth below:
A.
For the year 2023:
|
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
|---|---|
|
$40,000 and less
|
50%
|
|
More than $40,000 but less than $41,000
|
45%
|
|
More than $41,000 but less than $42,000
|
40%
|
|
More than $42,000 but less than $43,000
|
35%
|
|
More than $43,000 but less than $43,900
|
30%
|
|
More than $43,900 but less than $44,800
|
25%
|
|
More than $44,800 but less than $45,700
|
20%
|
|
More than $45,700 but less than $46,600
|
15%
|
|
More than $46,600 but less than $47,500
|
10%
|
|
More than $47,500 but less than $48,400
|
5%
|
B.
For the year 2024:
|
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
|---|---|
|
$45,000 and less
|
50%
|
|
More than $45,000 but less than $46,000
|
45%
|
|
More than $46,000 but less than $47,000
|
40%
|
|
More than $47,000 but less than $48,000
|
35%
|
|
More than $48,000 but less than $48,900
|
30%
|
|
More than $48,900 but less than $49,800
|
25%
|
|
More than $49,800 but less than $50,700
|
20%
|
|
More than $50,700 but less than $51,600
|
15%
|
|
More than $51,600 but less than $52,500
|
10%
|
|
More than $52,500 but less than $53,400
|
5%
|
C.
For the year 2025:
|
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
|---|---|
|
$50,000 and less
|
50%
|
|
More than $50,000 but less than $51,000
|
45%
|
|
More than $51,000 but less than $52,000
|
40%
|
|
More than $52,000 but less than $53,000
|
35%
|
|
More than $53,000 but less than $53,900
|
30%
|
|
More than $53,900 but less than $54,800
|
25%
|
|
More than $54,800 but less than $55,700
|
20%
|
|
More than $55,700 but less than $56,600
|
15%
|
|
More than $56,600 but less than $57,500
|
10%
|
|
More than $57,500 but less than $58,400
|
5%
|
All of the provisions, conditions and requirements
of § 467 of the Real Property Tax Law and amendments thereto
shall apply to the application for the granting of such an exemption
on the assessment rolls of the Town. Notwithstanding the foregoing,
to be eligible a person seeking an exemption pursuant to this chapter
must file an application for such in the office of the Town Assessor
on or before the first day of March in each year for which an exemption
is sought.
