[Adopted 2-12-1998 by L.L. No. 1-1998]
This article is adopted pursuant to the authority
of Real Property Tax Law § 459-c. All definitions, terms
and conditions of such statute shall apply to this article.
Real property owned by a person with disabilities
whose income is limited by such disabilities, and used as the legal
residence of such person, shall be entitled to a partial exemption
from taxation to the extent of 50% of assessed valuation.
[Amended 2-8-2001 by L.L. No. 1-2001; 3-10-2003; 2-12-2004; 12-14-2006; 2-8-2024 by L.L. No. 2-2024]
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 § 459-c 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.
[Added 2-8-2001 by L.L. No. 1-2001]
The Town Board of the Town of Schodack, after
public hearing, may, by resolution, amend the income qualifications
for the subject exemption.
