[Adopted 10-25-1990 by L.L. No. 5-1990[1]]
[1]
Editor's Note: This local law also repealed
former Art. I, Senior Citizens Exemption, adopted 2-11-1971 by L.L.
No. 1-1971, as amended.
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, one of whom is 65 years of age or over, shall be
exempt from taxation by the Town of Schodack to the extent set forth
in this chapter.
[Amended 2-28-2001; 2-24-2003; 2-12-2004; 12-14-2006; 2-8-2024 by L.L. No. 1-2024]
A.
The income level for receipt of a partial exemption
from real property taxation for the purposes of taxes levied by the
Town of Schodack, pursuant to § 467 of the Real Property
Tax Law, is as follows:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$40,000 or less
|
50%
|
B.
No exemption
shall be granted if the income of the owner or the combined income
of the owners of the property for the applicable income tax year exceeds
$40,000.
C.
Distributions
received from an individual retirement account or individual retirement
annuity that were included in the applicant’s federal adjusted
gross income shall not be considered income. Any social security benefits
that were not included in the applicant’s federal adjusted gross
income shall be considered income. The applicant’s income shall
not be offset by any medical and prescription drug expenses actually
paid that were not reimbursed or paid by insurance.
The Town Board of the Town of Schodack, after
public hearing, may by resolution amend the income qualifications
for the subject real property tax exemption.
