[Adopted 12-12-1966]
The purpose of this article is to grant 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 over meeting the requirements set forth
in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age
or over shall be exempt from Town taxes to the extent of 50% of the
assessed valuation, subject to the following conditions:
A.
The owner or all of the owners must file an application
annually in the Assessor's office on or before the appropriate taxable
status date.
[Amended 1-22-1990 by L.L. No. 1-1990]
B.
Income.
[Amended 2-12-1973; 10-24-1977; 12-22-1980; 1-22-1990 by L.L. No. 1-1990; 2-26-1996; 10-9-2018 by L.L. No. 2-2018; 4-11-2022 by L.L. No. 2-2022]
(1)
The income of the owner or the combined income of
the owners must not exceed $37,399.99 for the income tax year prior
to the date that the application is filed.
(2)
Assessed valuation exemption.
(a)
In the event the property owner's income is less than $37,400,
the following percentage of the assessed valuation exemption from
taxation shall apply:
|
Maximum Annual Amount
|
Percentage
|
|---|---|
|
$0 to 29,000
|
50%
|
|
$29,001 to $29,999.99
|
45%
|
|
$30,000 to $30,999.99
|
40%
|
|
$31,000 to $31,999.99
|
35%
|
|
$32,000 to $32,899.99
|
30%
|
|
$32,900 to $33,799.99
|
25%
|
|
$33,800 to $34,699.99
|
20%
|
|
$34,700 to $35,599.99
|
15%
|
|
$35,600 to $36,499.99
|
10%
|
|
$36,500 to $37,399.99
|
5%
|
(b)
Maximum annual income exclusion. The veterans disability compensation
from the United States Department of Veterans Affairs as defined in
Title 38 of the United States Code for a veteran with a service-connected
disability shall be excluded from the calculation of income in the
determination of the real property exemptions provided herein.
(c)
Qualifications. The maximum income eligibility level exemption
for persons 65 years of age or older as authorized by § 467
of the Real Property Tax Law as of the appropriate taxable status
date and shall include an otherwise eligible owner who is 65 years
of age or older on the date the application is filed. The burden of
proof is upon the applicants to show eligibility as required by the
Assessor.
C.
Title to the property must be vested in the owner
or, if more than one, in all the owners for at least 24 consecutive
months prior to the date that the application is filed.
[Amended 1-22-1990 by L.L. No. 1-1990]
D.
The property must be used exclusively for residential
purposes, occupied in whole or in part by the owners, and must constitute
the legal residence of the owners.
