[Amended 12-19-1983]
The purpose of this article is to grant a partial
exemption from taxation to the extent of 50% 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-d of the Real Property Tax Law.
Real property owned by persons 65 years of age
or over shall be exempt from Town taxes to the extent of 50% of the
assessed valuation subject to the following conditions:
A. The owner or all of the owners must file an application
annually in the Assessor's office at least 90 days before the day
for filing the final assessment roll or such other time as may be
hereafter fixed by law.
B. Eligibility for the exemption shall be based on the
income of the owner or the combined income of the owners for the 12
consecutive months prior to the date that the application is filed,
as follows:
[Amended 12-13-1982; 12-19-1983; 11-10-1986; 12-27-1990; 7-8-1991 by L.L. No. 3-1991; 11-18-1991; 1-11-1993; 3-13-1995; 2-9-2009 by L.L. No. 2-2009]
|
Annual Income
|
Percentage of Assessed Valuation Exempt
from Taxation
|
---|
|
$28,000 or less
|
50%
|
|
$28,000.01 to $28,999.99
|
45%
|
|
$29,000 to $29,999.99
|
40%
|
|
$30,000 to $30,999.99
|
35%
|
|
$31,000 to $31,899.99
|
30%
|
|
$31,900 to $32,799.99
|
25%
|
|
$32,800 to $33,699.99
|
20%
|
|
$33,700 to $34,599.99
|
15%
|
|
$34,600 to $35,499.99
|
10%
|
|
$35,500 to $36,400.00
|
5%
|
C. Title to the property must be vested in the owner
or, if more than one, in all the owners for at least 60 consecutive
months prior to the date that the application is filed.
D. The property must be used exclusively for residential
purposes, be occupied in whole or in part by the owners and constitute
the legal residence of the owners.