[Adopted 2-8-2007 by L.L. No. 2-2007]
This article is adopted pursuant to the authority of Real Property
Tax Law § 467. All definitions, terms and conditions of
such statute shall apply to this article.
Real property owned by a person who is a senior citizen, whose
income is limited, and used as a legal residence of such person shall
be entitled to a partial exemption from taxation to the extent of
50% of assessed valuation.
A.
To be eligible for the exemption authorized by such § 467
and implemented by this article, the maximum income of such person
shall not exceed $26,000 to qualify for the 50% exemption. For the
purposes of this exemption, income shall be measured after deducting
medical expenses and prescription drug costs. Medical expenses and
prescription drug costs associated with nonreconstructive cosmetic
surgery shall not be deductible. Any such person having a higher income
shall be eligible for exemption in accordance with the following schedule:
|
Annual Income Level
|
Percentage of Exemption
| |
|---|---|---|
|
Up to $26,000.00
|
50%
| |
|
$26,000.01 to $26,999.99
|
45%
| |
|
$27,000.00 to $27,999.99
|
40%
| |
|
$28,000.00 to $28,999.99
|
35%
| |
|
$29,000.00 to $29,899.99
|
30%
| |
|
$29,900.00 to $30,799.99
|
25%
| |
|
$30,800.00 to $31,699.99
|
20%
| |
|
$31,700.00 to $32,599.99
|
15%
| |
|
$32,600.00 to $33,499.99
|
10%
| |
|
$33,500.00 to $34,399.99
|
5%
|
B.
The above maximum levels will be effective upon approval. Further,
the annual income levels will be adjusted annually, to be effective
on July 1, 2007 ($27,000 at 50%, with a sliding scale option limit
to 5%), on July 1, 2008 ($28,000 at 50%, with a sliding scale option
limit to 5%), and on July 1, 2009 ($29,000 at 50%, with a sliding
scale option limit to 5%). To implement the foregoing, the future
sliding scales shall be increased by $1,000 at each increment level.
