[Adopted 12-14-2015 by L.L. No. 7-2015[1]]
[1]
Editor’s Note: This local law also repealed former Art. IV, Senior Citizens Tax Exemption, adopted 6-24-2003 by L.L. No. 1-2003, as amended.
[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.