This article is adopted pursuant to § 467 of the Real
Property Tax Law. All terms, definitions, and conditions of such statute
shall apply to this article.
The purpose of this article is to exempt real property taxes
owned by persons classified as senior citizens, as authorized by § 467
of the Real Property Tax Law.
Pursuant to § 467 of the Real Property Tax Law, persons
65 years of age or over who are owners of real property shall be exempt
from Town taxes to the extent of 50% of the assessed valuation if
said owners fulfill certain qualifications, including a limited income
of the owner, or the combined income of owners of real property who
are 65 years of age or over, which does not exceed a maximum income
limit of $27,500.
In addition, the provisions of Real Property Tax Law § 467, Paragraphs 1(b)(1), 1(b)(2), and 1(b)(3), known as the "sliding scale" option, be and are hereby adopted with regard to the senior citizen tax exemption as follows, where "M" is the maximum income limit provided in § 159-6 above:
|
Annual Income
|
Percentage Assessed Valuation Exempt From Taxation
|
|---|---|
|
More than (M) but less than (M + $1,000)
|
45%
|
|
(M + $1,000 or more) but less than (M + $2,000)
|
40%
|
|
(M + $2,000 or more) but less than (M + $3,000)
|
35%
|
|
(M + $3,000 or more) but less than (M + $3,900)
|
30%
|
|
(M + $3,900 or more) but less than (M + $4,800)
|
25%
|
|
(M + $4,800 or more) but less than (M + $5,700)
|
20%
|
|
(M + $5,700 or more) but less than (M + $6,600)
|
15%
|
|
(M + $6,600 or more) but less than (M + $7,500)
|
10%
|
|
(M + $7,500 or more) but less than (M + $8,400)
|
5%
|
A.
Pursuant to § 467(5-a) of the Real Property Tax Law, an
application for exemption may be accepted by the assessor after the
taxable status date, but not later than the last date on which complaints
of assessment may be filed, where failure to file a timely application
resulted from:
