[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Editor's Note: This local law also repealed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]
Such real property tax exemption shall be subject
to the provisions of § 467 of the Real Property Tax Law,
including but not limited to the income qualifications, restrictions
and penalties set forth therein, and the following income limitations:
A.
For the year 2007:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$26,000 or less
|
50%
|
|
More than $26,001 to $27,000
|
45%
|
|
More than $27,001 to $28,000
|
40%
|
|
More than $28,001 to $29,000
|
35%
|
|
More than $29,001 to $29,900
|
30%
|
|
More than $29,901 to $30,800
|
25%
|
|
More than $30,801 to $31,700
|
20%
|
|
More than $31,701 to $32,600
|
15%
|
|
More than $32,601 to $33,500
|
10%
|
|
More than $33,501 to $34,400
|
5%
|
B.
For the year 2008:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$27,000 or less
|
50%
|
|
More than $27,001 to $28,000
|
45%
|
|
More than $28,001 to $29,000
|
40%
|
|
More than $29,001 to $30,000
|
35%
|
|
More than $30,001 to $30,900
|
30%
|
|
More than $30,901 to $31,800
|
25%
|
|
More than $31,801 to $32,700
|
20%
|
|
More than $32,701 to $33,600
|
15%
|
|
More than $33,601 to $34,500
|
10%
|
|
More than $34,501 to $35,400
|
5%
|
C.
For the year 2009:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$28,000 or less
|
50%
|
|
More than $28,001 to $29,000
|
45%
|
|
More than $29,001 to $30,000
|
40%
|
|
More than $30,001 to $31,000
|
35%
|
|
More than $31,001 to $31,900
|
30%
|
|
More than $31,901 to $32,800
|
25%
|
|
More than $32,801 to $33,700
|
20%
|
|
More than $33,701 to $34,600
|
15%
|
|
More than $34,601 to $35,500
|
10%
|
|
More than $35,501 to $36,400
|
5%
|
D.
For the year 2010:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$29,000 or less
|
50%
|
|
More than $29,001 to $30,000
|
45%
|
|
More than $30,001 to $31,000
|
40%
|
|
More than $31,001 to $32,000
|
35%
|
|
More than $32,001 to $32,900
|
30%
|
|
More than $32,901 to $33,800
|
25%
|
|
More than $33,801 to $34,700
|
20%
|
|
More than $34,701 to $35,600
|
15%
|
|
More than $35,601 to $36,500
|
10%
|
|
More than $36,501 to $37,400
|
5%
|
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.
