The purpose of this article is to grant a partial exemption from taxation to a maximum of 50% of assessed valuation of real property which is owned by persons with limited income who are 65 years of age or over who meet the requirements set forth in § 467 of the Real Property Tax Law as amended.
[Adopted 5-4-2010 by L.L. No. 2-2010[1]]
[1]
Editor's Note: This local law also repealed former Art. II, Senior Citizens Tax Exemption, adopted 6-19-2007 by L.L. No. 1-2007.
Real property owned by persons 65 years of age or over shall be exempt from City taxes up to a maximum of 50% of assessed valuation subject to the following conditions:
A.
The income of the owner or the combined income of the owners of real property as defined in § 467 of the Real Property Tax Law, as amended, for the income tax year immediately preceding the date of making application for said exemption shall not exceed $24,900. The percentage of exemption granted shall be between 5% and 50% based on the following sliding scale:
Income Range | Percentage of City Tax Exemption |
|---|---|
$16,500 or less | 50% |
$16,501 to $17,500 | 45% |
$17,501 to $18,500 | 40% |
$18,501 to $19,500 | 35% |
$19,501 to $20,400 | 30% |
$20,401 to $21,300 | 25% |
$21,301 to $22,200 | 20% |
$22,201 to $23,100 | 15% |
$23,101 to $24,000 | 10% |
$24,001 to $24,900 | 5% |
B.
The person or persons making application for such exemption shall comply with all other requirements of § 467 of the Real Property Tax Law, as amended.
C.
Subject to § 467 of the New York Real Property Tax Law, the foregoing income eligibility limits, the figures listed in the foregoing schedule and the current maximum level depicted in the foregoing schedule may all be amended from time to time, without the necessity of a public hearing, by resolution of the Common Council of the City.