[Adopted 11-1-1993 by L.L. No. 6-1993[1]]
The Village Board finds that the real property tax burden on
homeowners who are retired and living on a fixed income is made more
difficult as a result of recent federal legislation resulting in an
increased income tax burden for those receiving social security benefits.
Therefore, the Village Board wishes to ease the burden somewhat so
that homes within the village are more likely to remain in individual
ownership by providing for partial real property tax exemptions to
persons over 65 years of age who meet certain income standards.
Real property owned by one or more persons, each of whom is
65 years of age or over, or real property owned by husband and wife,
one of whom is 65 years of age or over, may be exempt from taxation
by the Village of Warsaw to the extent of 50% of the assessed valuation
thereof, provided that no exemption may be granted unless the applicant
meets all the criteria for an exemption under Subdivision 3 of § 467
of the Real Property Tax Law, and further provided that the income
limitation is $10,000.
Applications may be obtained from the Board of Assessors.
The income limitation set forth above in § 137-15 may be increased or decreased by resolution of the Village Board after a public hearing.
