Real property owned by one or more persons, each of whom is
65 years of age or over, or real property owned by a husband and wife,
or by siblings, one of whom is 65 years of age or over, shall be exempt
from taxation by the Village of Liberty to the extent of 50% of the
assessed value thereof or such lesser per centum of assessed value
thereof for persons whose maximum income eligibility is increased
in accordance with the provisions of Real Property Tax § 467(1)(b),
Subdivisions (1), (2) and (3).
The maximum income eligibility determined in accordance with
Subdivision 3 of § 467 of the Real Property Tax Law shall
be $20,500, and shall entitle qualified owners to a fifty-percent
exemption.
No exemption shall be allowed except in accordance with the
provision of § 467 of the Real Property Tax Law for real
property which qualifies by use and ownership upon an application
submitted in the manner provided by such section.
Local Law No. 8-2003, entitled "A local law increasing the real
property tax exemption levels for senior citizens," pursuant to § 467
of the Real Property Tax Law, be and the same is hereby repealed.