[Adopted 12-10-1973]
[Amended 12-22-1983 by L.L. No. 5-1983; 2-12-1990 by L.L. No. 1-1990; 10-24-1994 by L.L. No. 5-1994]
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, shall be exempt from taxation by the Village to the extent of
the maximum of 50% of the assessed valuation thereof. For the purposes
of this section, "sibling" shall mean a brother or a sister, whether
related through half blood, whole blood or adoption.
[1]
Editor's Note: Former § 159-16,
School purposes, was repealed 10-24-1994 by L.L. No. 5-1994.
[Amended last 12-27-2000 by L.L. No. 4-2000]
A.
To be eligible for the exemption authorized by Real
Property Tax Law § 467 and implemented be this article,
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 the exemption shall not exceed that amount
established or hereafter amended by resolution of the Village of Fayetteville
Board of Trustees. Such maximum income level shall be within the range
established by Real Property Tax Law § 467, including amendments
thereto. If authorized by resolution of the Village of Fayetteville
Board of Trustees, which resolution may be repealed, those owners
or owner whose income exceeds the maximum income level established
by the Village Board for the income tax year immediately preceding
the date of making application for exemption shall be in accordance
with the following schedule:
[Amended 4-28-2003 by L.L. No. 3-2003]
|
M = Maximum income limit as established pursuant
to the preceding paragraph.
|
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
| |
|---|---|---|
|
More than (M) but less than (M + $1,000)
|
45%
| |
|
(M + $1,000 or more) but less than (M + $2,000)
|
40%
| |
|
(M + $2,000 or more) but less than (M + $3,000)
|
35%
| |
|
(M + $3,000 or more) but less than (M + $3,900)
|
30%
| |
|
(M + $3,900 or more) but less than (M + $4,800)
|
25%
| |
|
(M + $4,800 or more) but less than (M + $5,700)
|
20%
| |
|
(M + $5,700 or more) but less than (M + $6,600)
|
15%
| |
|
(M + $6,600 or more) but less than (M + $7,500)
|
10%
| |
|
(M + $7,500 or more) but less than (M + $8,400)
|
5%
|
B.
All other conditions for eligibility set forth in
Real Property Tax Law § 467, as from time to time amended,
shall apply.
C.
Any person otherwise qualifying shall not be denied
the exemption provided by Real Property Tax Law § 467 if
said person becomes 65 years of age after the appropriate taxable
status date and on or before December 31, of the same year.
Application for the exemption under this article
must be made by the owner or all of the owners of the property, on
forms to be furnished by the appropriate assessing authority, and
shall furnish the information and be executed in the manner required
or prescribed in such forms and shall be filed in such assessor's
office on or before the appropriate taxable status date.
[Amended 1-23-2012 by L.L. No. 4-2012]
See Ch. 113, Penalties for Offenses.
