[Adopted 10-25-1966 by L.L. No. 1-1966]
The purpose of this article is to grant a partial exemption
from taxation to the extent of 50% of real property which is owned
by certain persons with limited income who are 65 years of age or
over meeting the requirements set forth in § 467 of the
Real Property Tax Law.
Real property owned by persons 65 years of age or over shall
be exempt from Town taxes to the extent of 50% of the assessed valuation
subject to the following conditions:
A.
The owner or all of the owners must file an application annually
in the Assessor's office on or before the appropriate taxable status
date.
[Amended 12-8-1986 by L.L. No. 2-1987]
B.
The income of the owner or the combined income of the owners must
not exceed $35,000 for the income tax year immediately preceding the
date of making application for exemption.
[Amended 4-22-1985 by L.L. No. 3-1985; 2-14-1989 by L.L. No.
1-1989; 11-12-1991 by L.L. No. 2-1991; 8-9-1993 by L.L. No.
3-1993; 11-13-1995 by L.L. No. 1-1995; 2-10-2003 by L.L. No.
1-2003; 2-13-2007 by L.L. No. 1-2007; 1-8-2024 by L.L. No. 1-2024]
C.
Title to the property must be vested in the owner or one of the owners
of the property for at least 24 consecutive months prior to the date
of making application for exemption, except as provided in Subdivision
3(b) of § 467 of the Real Property Tax Law.
[Amended 12-8-1986 by L.L. No. 2-1987]
D.
The property must be used exclusively for residential purposes, be
occupied, in whole or in part, by the owners and constitute the legal
residence of the owners.
[Added 4-22-1985 by L.L. No. 3-1985]
Should the owner or owners of property which have received an
exemption pursuant to said § 467 fail to file application
for renewal of such exemption on or before the taxable status date
of any year, such application may be filed with the Assessor on or
before the date for hearing of complaints that year.
