[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%