[Adopted 4-3-1989 by L.L. No. 1-1989 (Ch.
39A, Art. I, of the 1963 Code)]
The purpose of this article is to grant a partial
exemption from taxation by exempting a certain percentage of the 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
set forth in § 467 of the Real Property Tax Law.
[Last amended 4-5-2004 by L.L. No. 1-2004]
A.
Pursuant and subject to § 467 of the Real
Property Tax Law, as amended, real property owned by persons 65 years
of age or over, who do not have incomes in excess of $32,400 for the
income tax year immediately preceding the date of application for
said exemption, shall be exempt from Town taxes to the extent provided
in the following schedule:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation by the Town of Grand Island
| |
|---|---|---|
|
Up to $24,000
|
50%
| |
|
More than $24,000 but less than $25,000
|
45%
| |
|
$25,000 or more but less than $26,000
|
40%
| |
|
$26,000 or more but less than $27,000
|
35%
| |
|
$27,000 or more but less than $27,900
|
30%
| |
|
$27,900 or more but less than $28,800
|
25%
| |
|
$28,800 or more but less than $29,700
|
20%
| |
|
$29,700 or more but less than $30,600
|
15%
| |
|
$30,600 or more but less than $31,500
|
10%
| |
|
$31,500 or more but less than $32,400
|
5%
|
B.
This exemption shall apply to all assessment rolls
for all years with taxable status dates after January 1, 2004.
