[Adopted 1-10-1994 by L.L. No. 1-1994]
[Amended 1-11-1995 by L.L. No. 1-1995; 7-20-1998 by L.L. No. 7-1998]
All persons who are property owners and are 65 years of age or older and who can prove their annual income does not exceed the amounts set forth in the table below are hereby entitled to a percentage exemption of their assessed valuation on real property owned by them based on their annual income as follows:
Annual Income
Percentage of Exemption
$18,500 or less
50%
$18,501 to $19,500
45%
$19,501 to $20,500
40%
$20,501 to $21,500
35%
$21,501 to $22,400
30%
$22,401 to $23,300
25%
$23,301 to $24,200
20%
Over $24,200
None