[Adopted 1-5-1976 by L.L. No. 1-1976 (Ch. 161, Art. II, of the 1976 Code); amended in its entirety 2-23-2005 by L.L. No. 1-2005]
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife, one of whom is 65 years of age or over, shall be exempt from taxation by the Village of Monticello, as provided in § 467 of the Real Property Tax Law.
The maximum income eligibility level, as provided in § 467, Subdivision 3, of the Real Property Tax Law, is hereby increased to the extent provided in the following schedule:
Any exemption provided by this section shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed.
The real property tax exemption on real property owned by husband and wife, one of whom is 65 years of age or over, once granted, shall not be rescinded solely because of the death of the older spouse, so long as the surviving spouse is at least 62 years of age.
Exemptions shall not be granted to persons failing to meet the requirements of § 467, Subdivision 3, of the Real Property Tax Law.