[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.