[Adopted 8-9-1966 by L.L. No. 1-1966;
amended in its entirety 12-10-1996 by L.L. No. 4-1996]
[Amended 4-24-2001 by L.L. No. 8-2001]
A.
A partial exemption from taxation to the extent of
50% of the assessed valuation of real property which is owned by certain
persons with limited income who are 65 years of age or older meeting
the requirements set forth in § 467 of the Real Property
Tax Law is hereby granted.
B.
Any person otherwise qualified under this article
shall not be denied the exemption under this article if he/she becomes
65 years of age after the taxable status date and on or before December
31 of the same year.
[Amended 2-25-1997 by L.L. No. 1-1997; 3-14-2000 by L.L. No. 2-2000; 2-20-2001 by L.L. No. 4-2001; 11-26-2002 by L.L. No. 7-2002; 2-24-2004 by L.L. No. 1-2004; 12-26-2006 by L.L. No. 2-2007]
The maximum income level for the fifty-percent
exemption is established at $26,000. Beginning July 1, 2007, the maximum
income level for the fifty-percent exemption is established at $27,000.
Beginning July 1, 2008, the maximum income level for the fifty-percent
exemption is established at $28,000. Beginning July 1, 2009, the maximum
income level for the fifty-percent exemption is established at $29,000.
[Amended 2-25-1997 by L.L. No. 1-1997; 3-14-2000 by L.L. No. 2-2000; 2-20-2001 by L.L. No. 4-2001; 11-26-2002 by L.L. No. 7-2002; 2-24-2004 by L.L. No. 1-2004; 12-26-2006 by L.L. No. 2-2007]
A.
Beginning July 1, 2006, if the income of the owner
or the combined income of the owners shall be within the following
ranges, they will receive a percentage of exemption as follows:
|
Annual Income
|
Percentage
|
|---|---|
|
$26,000 or less
|
50%
|
|
More than $26,000 but less than $27,000
|
45%
|
|
$27,000 or more but less than $28,000
|
40%
|
|
$28,000 or more but less than $29,000
|
35%
|
|
$29,000 or more but less than $29,900
|
30%
|
|
$29,900 or more but less than $30,800
|
25%
|
|
$30,800 or more but less than $31,700
|
20%
|
|
$31,700 or more but less than $32,600
|
15%
|
|
$32,600 or more but less than $33,500
|
10%
|
|
$33,500 or more but less than $34,400
|
5%
|
B.
Beginning July 1, 2007, if the income of the owner
or the combined income of the owners shall be within the following
ranges, they will receive a percentage of exemption as follows:
|
Annual Income
|
Percentage
|
|---|---|
|
$27,000 or less
|
50%
|
|
More than $27,000 but less than $28,000
|
45%
|
|
$28,000 or more but less than $29,000
|
40%
|
|
$29,000 or more but less than $30,000
|
35%
|
|
$30,000 or more but less than $30,900
|
30%
|
|
$30,900 or more but less than $31,800
|
25%
|
|
$31,800 or more but less than $32,700
|
20%
|
|
$32,700 or more but less than $33,600
|
15%
|
|
$33,600 or more but less than $34,500
|
10%
|
|
$34,500 or more but less than $35,400
|
5%
|
C.
Beginning July 1, 2008, if the income of the owner
or the combined income of the owners shall be within the following
ranges, they will receive a percentage of exemption as follows:
|
Annual Income
|
Percentage
|
|---|---|
|
$28,000 or less
|
50%
|
|
More than $28,000 but less than $29,000
|
45%
|
|
$29,000 or more but less than $30,000
|
40%
|
|
$30,000 or more but less than $31,000
|
35%
|
|
$31,000 or more but less than $31,900
|
30%
|
|
$31,900 or more but less than $32,800
|
25%
|
|
$32,800 or more but less than $33,700
|
20%
|
|
$33,700 or more but less than $34,600
|
15%
|
|
$34,600 or more but less than $35,500
|
10%
|
|
$35,500 or more but less than $36,400
|
5%
|
D.
Beginning July 1, 2009, if the income of the owner
or the combined income of the owners shall be within the following
ranges, they will receive a percentage of exemption as follows:
|
Annual Income
|
Percentage
|
|---|---|
|
$29,000 or less
|
50%
|
|
More than $29,000 but less than $30,000
|
45%
|
|
$30,000 or more but less than $31,000
|
40%
|
|
$31,000 or more but less than $32,000
|
35%
|
|
$32,000 or more but less than $32,900
|
30%
|
|
$32,900 or more but less than $33,800
|
25%
|
|
$33,800 or more but less than $34,700
|
20%
|
|
$34,700 or more but less than $35,600
|
15%
|
|
$35,600 or more but less than $36,500
|
10%
|
|
$36,500 or more but less than $37,400
|
5%
|
