A partial exemption from taxation to the extent
of 50% of the assessed valuation of real property which is owned by
certain persons with limited income who are 65 years of age or older
meeting the requirements set forth in § 467 of the Real
Property Tax Law is hereby granted.
[Amended 2-14-2007 by L.L. No. 1-2007; 2-13-2008 by L.L. No.
2-2008]
A. An exemption shall be granted on the income of the
owner or the combined income of the owners of the property for the
income tax year immediately preceding the date of making application
for exemption and will be made according to the following schedule:
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
Less than $27,000
|
50%
|
$27,000 to $28,000
|
45%
|
$28,000 to $29,000
|
40%
|
$29,000 to $30,000
|
35%
|
$30,000 to $30,900
|
30%
|
$30,900 to $31,800
|
25%
|
$31,800 to $32,700
|
20%
|
$32,700 to $33,600
|
15%
|
$33,600 to $34,400
|
10%
|
$34,500 to $35,400
|
5%
|
B. The eligible income levels will then increase $1,000
annually through 2009, such that in 2009 there will be a fifty-percent
exemption for incomes up to $29,000 and a graduated reduction in exemption
for incomes more than $29,000, but less than $37,400.
Notwithstanding any other provision of law,
any person otherwise qualifying under this article shall not be denied
the exemption under this article if he becomes 65 years of age after
the taxable status date and before December 31 of the same year.