[Adopted 4-6-1998 by L.L. No. 4-1998]
The purpose of this article is to grant a partial exemption
from taxation to the maximum extent of 50% of the assessed valuation
of real property owned by certain persons with limited income who
have disabilities.
Only those persons meeting the requirements of § 459-c
of the Real Property Tax Law shall be entitled to the exemption hereby
provided.
For the purpose of this article, M is equal to $18,500. The
value of M may be modified from time to time by the Town Board by
resolution or amendment of this article.
Partial exemption from taxation to the extent set forth in this
article is granted to those persons having income or combined income
as limited by § 459-c of the Real Property Tax Law and not
exceeding the amount set forth in the following schedule for the income
tax year immediately preceding the year of application for exemption:
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
M or less
|
50%
|
|
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%
|
