[Adopted 4-9-1998 by L.L. No. 5-1998]
This article is adopted pursuant to the authority granted by
Real Property Tax Law § 459-c. All definitions, terms and
conditions of such statute apply to this article.
Real property owned by a person with disabilities whose income
is limited by such disabilities, and used as the legal residence of
such person, shall be entitled to a partial exemption from taxation
to the extent of 50% of the assessed valuation.
To be eligible for the exemption authorized by Real Property
Tax Law § 459-c and implemented by this article, the maximum
income of such person shall not exceed $12,500. Any such person having
a higher income shall be eligible for an exemption in accordance with
the following schedule:
|
Annual Income
|
Percentage Assessed Valuation Exemption 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%
|
|
NOTE: M = Maximum income limit as set in the first sentence
of this section.
|
