[Adopted 2-24-1998 by L.L. No. 2-1998]
[Amended 2-15-2000 by L.L. No. 2-2000; 2-27-2001 by L.L. No.
1-2001; 2-25-2003 by L.L. No. 1-2003; 2-24-2004 by L.L. No.
3-2004; 2-22-2007 by L.L. No. 3-2007; 2-16-2023 by L.L. No. 5-2023]
This article is adopted pursuant to the authority of Real Property
Tax Law § 459-c. All definitions, terms and conditions of
such statute shall 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 assessed valuation.
[Last amended 2-16-2023 by L.L. No. 5-2023]
A.
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 $50,000 beginning July 1, 2022.
B.
Any such person having a higher income shall be eligible for exemption
in accordance with the following schedule with the amount for each
tax year represented as (M):
|
Annual Income
|
Percentage of Assessed Valuation Exempt 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%
|
Such income shall be offset by medical and prescription drug
expenses actually paid which were not reimbursed or paid for by insurance.
This exemption shall be extended to a legal residence owned
as a cooperative apartment as provided in such § 459-c.
This article shall take effect immediately upon its filing in
the office of the Secretary of State.
