[Adopted 8-28-2000 by L.L. No. 3-2000[1]]
[1]
Editor's Note: This local law was adopted as Ch. 67A, but was codified as Ch. 67, Part 2, in accordance with Res. No. 188-2000, adopted 10-30-2000. This local law also provided that it shall apply to assessment rolls prepared on the basis of taxable status dates appearing on or after 9-1-2000.
[Amended 9-15-2014 by L.L. No. 1-2014; 9-15-2014 by L.L. No. 3-2014; 1-17-2023 by L.L. No. 1-2023]
All real property in the Incorporated Village of Valley Stream meeting the application, ownership, residency, income and use requirements of § 459-c of the Real Property Tax Law shall receive an exemption up to 50% of the property’s assessed value. The maximum income for purposes of the 50% exemption shall equal $26,200. The Board of Trustees may alter the income maximum in the future by enactment of a resolution providing for such change. Furthermore, a sliding scale exemption of between 50% and 5% shall be provided in accordance with the income schedule included in Real Property Tax Law, § 459-c.
Annual Income
Percent of Exemption
Under $36,200
50%
$36,201 but less than $37,099
45%
$37,100 but less than $37,999
40%
$38,000 but less than $38,999
35%
$39,000 but less than $39,999
30%
$40,000 but less than $40,999
25%
$41,000 but less than $41,999
20%
$42,000 but less than $42,899
15%
$42,900 but less than $43,799
10%
$43,800 but less than $44,699
5%
[Amended 9-15-2014 by L.L. No. 1-2014; 9-15-2014 by L.L. No. 3-2014; 1-17-2023 by L.L. No. 1-2023]
Any exemption provided by this Part 2 shall be computed after all other partial exemptions have been subtracted from the total assessed value. No parcel may receive an exemption pursuant to Real Property Tax Law § 459-c (disabled with limited income) and § 467 (aged with limited income).
[Amended 9-15-2014 by L.L. No. 1-2014; 9-15-2014 by L.L. No. 3-2014; 1-17-2023 by L.L. No. 1-2023]
Application for such exemption must be made annually by the owner, or all of the owners of the property, on application forms prescribed by the New York State Board of Real Property Services, and filed in the Assessor's office on or before the taxable status date of January 1; provided, however, proof of a permanent disability need be submitted only in the year this exemption is first sought or the disability is first determined permanent. At least 60 days prior to the taxable status date, the Assessor shall annually mail to all exemption recipients listed on the latest completed assessment roll an application form and a notice that such application must be filed on or before the taxable status date.