[Adopted 1-29-1991 by L.L. No. 1-1991]
The purpose of this article is to grant a partial
exemption from taxation of the assessed valuation of real property
which is owned by certain persons with limited income who are 65 years
of age or over meeting the requirements set forth in § 467
of the Real Property Tax Law. Qualifications and income definition
are set forth therein.
Real property owned by persons 65 years of age
or over, or real property owned by husband and wife, one of whom is
65 years of age or older, shall be exempt from Town taxes to the extent
hereinafter set forth in § 467 of the Real Property Tax
Law and to the following.
[Amended 2-28-1995 by L.L. No. 2-1995; 11-18-2008 by L.L. No.
2-2008; 12-13-2019 by L.L. No. 5-2019]
The income of the owner or the combined income
of the owners of the property from the income tax year immediately
preceding the date of making application for exemption must not exceed
the sum set forth below. "Income tax year" shall mean the twelve-month
period for which the owner or owners filed a federal personal tax
return or, if no such return was filed, the calendar year.
|
Annual Income
|
Percentage of Assessed Valuation Exempt
from Taxation
|
|
$29,000 or less
|
50%
|
|
More than $29,000 but less than $29,999
|
45%
|
|
More than $30,000 but less than $30,999
|
40%
|
|
More than $31,000 but less than $31,999
|
35%
|
|
More than $32,000 but less than $32,899
|
30%
|
|
More than $32,900 but less than $33,799
|
25%
|
|
More than $33,800 but less than $34,699
|
20%
|
|
More than $34,700 but less than $35,599
|
15%
|
|
More than $35,600 but less than $36,499
|
10%
|
|
More than $36,500 but less than $37,399
|
5%
|
|
More than $37,400
|
0%
|
