[Adopted 5-10-2010 by L.L. No. 2-2010]
A.
Real property owned by one or more persons with disabilities, or 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 the others of whom qualify under Article II of this chapter, and whose income, as hereafter defined, is limited by reason of such disability, shall be exempt from taxation by the Village to the extent of not more than 50% of the assessed valuation thereof as provided in Subsection C of this section and on the conditions provided in Real Property Tax Law § 459-c.
B.
For purposes of this article, the terms "person with a disability,"
"sibling" and "income" shall have the same meanings as provided in
Real Property Tax Law § 459-c.
C.
Percentages of exemption.
(1)
The percentage of the assessed value of any property which shall
be exempt from taxation pursuant to this article shall be based upon
income as provided in Real Property Tax Law § 459-c and
upon the following table:
|
Annual Income
|
Percentage of Exemption
| |
|---|---|---|
|
Up to $29,000
|
50%
| |
|
More than $29,000 but less than $30,000
|
45%
| |
|
More than $30,000 but less than $31,000
|
40%
| |
|
More than $31,000 but less than $32,000
|
35%
| |
|
More than $32,000 but less than $32,900
|
30%
| |
|
More than $32,900 but less than $33,800
|
25%
| |
|
More than $33,800 but less than $34,700
|
20%
| |
|
More than $34,700 but less than $35,600
|
15%
| |
|
More than $35,600 but less than $36,500
|
10%
| |
|
More than $36,500 but less than $37,400
|
5%
| |
|
$37,400 or higher
|
0%
|
(2)
The maximum income limitations in the foregoing table and the maximum
percentage of exemption in the foregoing table may be amended or revised
by the Board of Trustees from time to time, by resolution, provided
that no such amendment or revision shall authorize an income limitation
or a percentage of exemption greater the maximum permitted by Real
Property Tax Law § 459-c.
(3)
As authorized by Real Property Tax Law § 459-c(6)(a), title
to that portion of real property owned by a cooperative apartment
corporation in which a tenant-stockholder of such corporation resides,
and which is represented by his share or shares of stock in such corporation
as determined by its or their proportional relationship to the total
outstanding stock of the corporation, including that owned by the
corporation, shall be deemed to be vested in such tenant-stockholder.
