[Adopted 4-11-2007 by L.L. No. 5-2007]
A. 
Real property owned by one or more persons with disabilities, or real property owned by a husband, wife, or both, or by siblings, at least one of whom has a disability, or real property owned by one or more persons, some of whom qualify under this section and § 112-1 of the Town Code, and whose income is limited by reason of such disability, shall be exempt from taxation by the Town of Schaghticoke to the extent of a maximum of 50% of assessed valuation, the amount of said exemption to be determined as set forth below.
B. 
Conditions for exemption.
(1) 
No exemption shall be granted unless an annual application is made therefor.
(2) 
No exemption shall be granted unless all requirements and provisions set forth on 459-c of the Real Property Tax Law are complied with.
(3) 
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 the application for the exemption exceeds:
Income
Tax Year
$34,400
2006
$35,400
2007
$36,400
2008
$37,400
2009 or later
(4) 
The extent of the exemption to be granted shall be determined from the following table:
Annual Income for Tentative Assessment Roll Year
2007
2008
2009
2010+
Percentage of Exemption
0-26,000
0-27,000
0-28,000
0-29,000
50%
26,001-27,000
27,001-28,000
28,001-29,000
29,001-30,000
45%
27,001-28,000
28,001-29,000
29,001-30,000
30,001-31,000
40%
28,001-29,000
29,001-30,000
30,001-31,000
31,001-32,000
35%
29,001-29,900
30,001-30,900
31,001-31,900
32,001-32,900
30%
29,901-30,800
30,901-31,800
31,901-32,800
32,901-33,800
25%
30,801-31,700
31,801-32,700
32,801-33,700
33,801-34,700
20%
31,701-32,600
32,701-33,600
33,701-34,600
34,701-35,600
15%
32,601-33,500
33,601-34,500
34,601-35,500
35,601-36,500
10%
33,501-34,400
34,501-35,400
35,501-36,400
36,501-37,400
5%
(5) 
The term "income tax year" and other terms used in this section shall be assigned and given the definitions provided in Real Property Tax Law § 459-C.