Pursuant to the provisions of § 467
of the Real Property Tax Law, the 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, shall be exempt from taxation to the maximum extent
of 50% of the assessed valuation thereof, as hereinafter provided.
[Amended 12-15-2008 by L.L. No. 9-2008; 2-7-2023 by L.L. No. 1-2023]
A. All of the provisions, conditions and requirements
of § 467 of the Real Property Tax Law and § 467-b,
Subdivision 3a, of the Real Property Tax Law and § 467-c,
Subdivision 1d, of the Real Property Tax Law and amendments thereto
shall apply to the applications for and the granting of such an exemption
on the assessment roll of the Town of Kent, except that no exemption
shall be granted if 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 exceeds $48,400
for the year 2023; $53,400 for the year 2024; and $58,400 for the
year 2025.
B. Real property
owned by persons 65 years of age or over shall be exempt from certain
Town taxes up to a minimum of 50% of the assessed valuation pursuant
to the following schedule:
(1) For
the Assessment Roll Year 2023:
|
Annual Income
|
Percentage of Assessed Value Exempt from
Taxation
|
---|
|
$40,000 or less
|
50%
|
|
$40,001 to $41,000
|
45%
|
|
$41,001 to $42,000
|
40%
|
|
$42,001 to $43,000
|
35%
|
|
$43,001 to $43,900
|
30%
|
|
$43,901 to $44,800
|
25%
|
|
$44,801 to $45,700
|
20%
|
|
$45,701 to $46,600
|
15%
|
|
$46,601 to $47,500
|
10%
|
|
$47,501 to $48,400
|
5%
|
(2) For
the Assessment Roll Year 2024:
|
Annual Income
|
Percentage of Assessed Value Exempt from
Taxation
|
---|
|
$45,000 or less
|
50%
|
|
$45,001 to $46,000
|
45%
|
|
$46,001 to $47,000
|
40%
|
|
$47,001 to $48,000
|
35%
|
|
$48,001 to $48,900
|
30%
|
|
$48,901 to $49,800
|
25%
|
|
$49,801 to $50,700
|
20%
|
|
$50,701 to $51,600
|
15%
|
|
$51,601 to $52,500
|
10%
|
|
$52,501 to $53,400
|
5%
|
(3) For
the Assessment Roll Year 2025:
|
Annual Income
|
Percentage of Assessed Value Exempt from
Taxation
|
---|
|
$50,000 or less
|
50%
|
|
$50,001 to $51,000
|
45%
|
|
$51,001 to $52,000
|
40%
|
|
$52,001 to $53,000
|
35%
|
|
$53,001 to $53,900
|
30%
|
|
$53,901 to $54,800
|
25%
|
|
$54,801 to $55,700
|
20%
|
|
$55,701 to $56,600
|
15%
|
|
$56,601 to $57,500
|
10%
|
|
$57,501 to $58,400
|
5%
|
C. 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 from all sources, as
set forth in §§ 467 and 467-b, Subdivision 3a, of the
Real Property Tax Law and § 467-c, Subdivision 1d, of the
Real Property Tax Law, must not exceed $48,400 for the year 2023;
$53,400 for the year 2024; and $58,400 for the year 2025. "Income
tax year" shall mean the twelve-month period for which the owner or
owners file a federal personal income tax return or, if no such return
is filed, in the calendar year. When title is vested in either husband
or wife, the combined income of both may not exceed such sum.
D. This article shall apply to the assessment roll as follows: for §
67-2B(1) commencing for the year 2023 and for the taxable year 2023/2024; for §
67-2B(2) commencing for the year 2024 and for the taxable year 2024/2025; and for §
67-2B(3) commencing for the year 2025 and for the taxable year 2025/2026.
E. This article shall take effect immediately.
This article shall apply to the assessment roll
until further change, and the provisions of § 467, as amended,
shall govern the granting of an exemption under said section, notwithstanding
any contrary provision of such section.
[Added 2-26-1996 by L.L. No. 1-1996;
amended 2-7-2023 by L.L. No. 1-2023]
The Town Board may amend the schedule set forth in §
67-2B, by resolution, following a duly noticed public hearing.