[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:
|
Annual Income
|
Percentage Assessed Valuation Exempt from
Taxation
| |
|---|---|---|
|
$13,500 or less
|
50%
| |
|
$13,501 to $14,499
|
45%
| |
|
$14,500 to $15,499
|
40%
| |
|
$15,500 to $16,499
|
35%
| |
|
$16,500 to $17,399
|
30%
| |
|
$17,400 to $18,299
|
25%
| |
|
$18,300 to $19,199
|
20%
| |
|
$19,200 or more
|
0%
|
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.
