[Amended 4-9-1990 by L.L. No. 3-1990; 2-25-1991
by L.L. No. 1-1991; 4-13-1992 by L.L.
No. 1-1992; 4-12-1993 by L.L. No. 2-1993; 2-27-1995
by L.L. No. 1-1995; 4-23-2007 by L.L.
No. 1-2007]
The purpose of this article is to grant a partial exemption from taxation, to the extent as shown in a sliding scale in §
430-17, of 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 as set forth in § 467 of the Real Property Tax Law.
[Amended 4-9-1990 by L.L. No. 3-1990; 4-13-1992
by L.L. No. 1-1992]
Real property owned by persons 65 years of age or over shall be exempt
from City taxes to the extent of the following sliding scale and subject to
the following conditions:
A. The owner or all of the owners must file an application
annually in the Assessor's office of the City of Middletown, New York, in
which such real property is located, at least 90 days before the day for filing
the final assessment roll, or such time as may be hereafter fixed by law.
B. Income limits.
[Amended 2-25-1991 by L.L. No. 1-1991; 4-13-1992
by L.L. No. 1-1992; 4-12-1993 by L.L.
No. 2-1993; 2-27-1995 by L.L. No. 1-1995]
(1) The income of the owner or the combined incomes of the
owners must not exceed the following for the calendar tax year immediately
preceding the date that the application is filed:
|
Annual Income
|
Percentage Assessed Valuation Exempt From Taxation
|
---|
|
$0 to $17,500
|
50%
|
|
$17,501 to $18,500
|
45%
|
|
$18,501 to $19,500
|
40%
|
|
$19,501 to $20,500
|
35%
|
|
$20,501 to $21,400
|
30%
|
|
$21,401 to $22,300
|
25%
|
|
$22,301 to $23,200
|
20%
|
|
$23,201 to $24,100
|
15%
|
|
$24,101 to $24,999
|
10%
|
(2) Where the title is vested in either the husband or wife,
the combined income may not exceed each sum. Such income shall include social
security and retirement benefits, interest, dividends, rental income, salary
or earnings and income from self-employment, but shall not include gifts or
inheritance.
C. Title to the property must be vested in the owner's or,
if more than one, in all the owners' names for at least 12 consecutive months
prior to the date that the application is filed.
[Amended 2-25-1991 by L.L. No. 1-1991; 4-13-1992
by L.L. No. 1-1992; 4-12-1993 by L.L.
No. 2-1993; 2-27-1995 by L.L. No. 1-1995; 4-23-2007
by L.L. No. 1-2007]
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.
[Amended 4-13-1992 by L.L. No. 1-1992; 4-12-1993
by L.L. No. 2-1993; 2-27-1995 by L.L.
No. 1-1995]
This article shall take effect with the 1995 - 1996 roll.