[Amended 2-27-2023 by L.L. No. 1-2023]
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by a husband and wife, or by siblings, one of whom is 65 years of age or over, or real property owned by one or more persons, some of whom qualify under this article and the others of whom qualify as persons with disabilities and limited incomes, shall be exempt from real property taxation by the Town of Fallsburg to the extent set forth in the schedule in §
270-13.
[Amended 2-27-2023 by L.L. No. 1-2023]
Annual Income
|
Percentage of Assessed Valuation Annual Income Exempt from Taxation
|
---|
Less than $35,000
|
50%
|
$35,000 but less than $36,000
|
45%
|
$36,000 but less than $37,000
|
40%
|
$37,000 but less than $38,000
|
35%
|
$38,000 but less than $38,900
|
30%
|
$38,900 but less than $39,800
|
25%
|
$39,800 but less than $40,700
|
20%
|
$40,700 but less than $41,600
|
15%
|
$41,600 but less than $42,500
|
10%
|
$42,500 but less than $43,400
|
5%
|
No exemption shall be allowed except in accordance with the
provisions of § 467 of the Real Property Tax Law for real
property which qualifies by use and ownership upon an application
submitted in the manner provided by such section.