Town of Richmond, NY Senior Citizens Exemption

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Editor's Note: This local law also repealed former Art. III, Senior Citizens Exemption, adopted 1-13-2009 by L.L. No. 1-2009, as amended.

A partial exemption from taxation to the extent of 50% of the assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or older meeting the requirements set forth in § 467 of the Real Property Tax Law is hereby granted.

The maximum income level for the 50% exemption is established at $17,620.01. Further exemptions will be permitted in accordance with the following schedule:

Annual Income	Percentage Assessed Valuation Exempt from Taxation
$17,620.01 or less	50%
$17,620.02 to $18,620	45%
$18,620.01 to $19,620	40%
$19,620.01 to $20,620	35%
$20,620.01 to $21,520	30%
$21,520.01 to $22,420	25%
$22,420.01 to $23,320	20%
$23,320.01 or more	0%

"Income" shall be defined, for the purposes of this exemption, as that defined in § 467 of the Real Property Tax Law. The Town of Richmond does not allow for the deduction of medical expenses that were not reimbursed or paid for by insurance, distributions received from an individual retirement account or individual retirement annuity shall be considered income, and any social security benefits that were not included in the applicant's federal adjusted gross income shall be considered income.