[Adopted 2-19-1991 by L.L. No. 1-1991 (Ch. 72 of the 1974 Code); amended in its entirety 2-14-2024 by L.L. No. 3-2024]
A. 
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by a married couple or by siblings, one of whom is 65 years of age or over, or real property owned by one or more persons, some of whom qualify under this section and the others of whom qualify under § 459-c of the New York Real Property Tax Law, shall be exempt from taxation by the Village of Millbrook to the extent of 50% of the assessed valuation thereof pursuant to Subdivision 1 of § 467 of the New York Real Property Tax Law; and
B. 
Further, pursuant to Subdivision 1 and Subdivision 3 of § 467 of the New York Real Property Tax Law, the Village of Millbrook hereby elects to increase the maximum income eligibility level for the granting of such partial exemption from Real Property taxation as follows:
To Be Applicable to the 2024 Assessment Roll Only and Village Real Property Taxes Based Thereon.
If the Adjusted Gross Income ("AGI") for Federal Income Tax Purposes Is:
Percentage of Assessed Value Exempt from Real Property Taxation
Less than $24,500
50%
Greater than $32,900
0.00%
The percentage of Assessed Value Exempt from Real Property Taxation where AGI is between $24,500 and $32,900 shall be as set forth in Subsections (b)(1), (b)(2) and (b)(3) of Subdivision 1 of § 467 of the New York Real Property Tax Law.
To be Applicable to the 2025 and all Subsequent Assessment Rolls and Village Real Property Taxes Based Thereon.
If the Adjusted Gross Income ("AGI") for Federal Income Tax Purposes Is:
Percentage of Assessed Value Exempt from Real Property Taxation
Less than $29,000
50%
Greater than $37,400
0.00%
The percentage of Assessed Value Exempt from Real Property Taxation where AGI is between $29,000 and $37,400 shall be as set forth in Subsections (b)(1), (b)(2) and (b)(3) of Subdivision 1 of § 467 of the New York Real Property Tax Law.