Subject to and in accordance with the provisions of § 467 of the New York State Real Property Tax Law, 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 or by siblings, one of whom is 65 years of age or over, shall be exempt from taxation by the Village to the extent provided herein.
[Adopted 4-10-2002 by L.L. No. 4-2002[1](Ch. 87, Art. I, of the 1978 Code)]
[1]
Editor's Note: This local law also repealed former Art. I, Aged Persons' Realty Exemption, adopted 11-13-1996 by L.L. No. 5-1996.
[Amended 9-10-2003 by L.L. No. 2-2003; 12-10-2014 by L.L. No. 1-2015; at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
The exemption hereinabove granted shall be based upon the combined annual income of all of the owners of the real property and computed as set forth in the following table:
Annual Income | Percentage of Assessed Valuation Exempt from Taxation |
|---|---|
Less than $29,000 | 50% |
$29,000 or more but less than $30,000 | 45% |
$30,000 or more but less than $31,000 | 40% |
$31,000 or more but less than $32,000 | 35% |
$32,000 or more but less than $32,900 | 30% |
$32,900 or more but less than $33,800 | 25% |
$33,800 or more but less than $34,700 | 20% |
$34,700 or more but less than $35,600 | 15% |
$35,600 or more but less than $36,500 | 10% |
$36,500 or more but less than $37,400 | 5% |
$37,400 or more | 0% |