[Adopted 3-12-2018 by L.L. No. 2-2018[1]]
[1]
Editor’s Note: This local law also repealed former Art.
I, Senior Citizens Tax Exemption, adopted 8-6-2007 by L.L. No. 2-2007.
Pursuant to § 467 of the Real Property Tax Law of
the State of New York, real property owned by one or more persons,
each of whom is 65 years of age or over, or real property owned by
husband and wife or by siblings, one of whom is 65 years of age or
over, or real property owned by one or more persons, some of whom
qualify under § 467 of the Real Property Tax Law, shall
be exempt from taxation by the Town of Cornwall to the extent of 50%
of the assessed valuation thereof, as shown on the following graduated
income scale where the income of the owner or combined income of the
owners of the property for the income tax year immediately preceding
the date of application for the exemption is less than the amount
shown thereon. This section shall be construed and interpreted in
accordance with the applicable provisions set forth in § 467
of the Real Property Tax Law of the State of New York and is in all
respects governed thereby, and said law is incorporated herein by
reference
|
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
|
|---|---|
|
$3,000.00 but less than $29,000.00
|
50%
|
|
$29,000.01 but less than $29,999.00
|
45%
|
|
$30,000.00 but less than $30,999.99
|
40%
|
|
$31,000.00 but less than $31,999.99
|
35%
|
|
$32,000.00 but less than $32,899.99
|
30%
|
|
$32,900.00 but less than $33,799.99
|
25%
|
|
$33,800.00 but less than $34,699.99
|
20%
|
|
$34,700.00 but less than $35,599.99
|
15%
|
|
$35,600.00 but less than $36,499.99
|
10%
|
|
$36,500.00 but less than $37,399.99
|
5%
|
