[Adopted 3-2-1971 by L.L. No. 1-1971; amended in its entirety 2-13-2008 by L.L. No. 2-2008]
A. 
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, shall be partially exempt from taxation to the extent provided in the following schedule:
[Amended 2-14-2024 by L.L. No. 2-2024]
Annual Income
Percentage Assessed Valuation Exempt from Taxation
$0 to $18,000
50%
$18,000.01 to $18,999.99
45%
$19,000 to $19,999.99
40%
$20,000 to $20,999.99
35%
$21,000 to $21,899.99
30%
$21,900 to $22,799.99
25%
$22,800 to $23,699.99
20%
$23,700 to $24,599.99
15%
$24,600 to $25,499.99
10%
$25,500 to $26,399.99
5%
B. 
Application for such exemption must be made by the owner or owners of property pursuant and subject to § 467 of the Real Property Tax Law and as the same may be amended from time to time.
C. 
The term "income" as used herein shall mean the adjusted gross income for federal income tax purposes as reported on the applicant's federal or state income tax return for the applicable income tax year, subject to any subsequent amendments or revisions, plus any social security benefits not included in such federal adjusted gross income, provided that if no such return was filed for the applicable income tax year, the applicant's income shall be determined based on the amounts that would have so been reported if such a return had been filed. Distributions received from an individual retirement account or individual retirement annuity shall also be included within the meaning of income.
[Added 2-14-2024 by L.L. No. 2-2024]