Pursuant to the amendment of the Real Property Tax Law by the addition of a new § 459-c, real property owned by one or more persons with disabilities and whose income is limited by reason of such disability may be partially exempt from taxation, provided that the Town, by local law, grants the partial exemption. Such partial exemption shall be subject to the income limits established by § 459-c of the Real Property Tax Law.
[Adopted 2-23-1998 by L.L. No. 2-1998]
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Editor's Note: Former Article VI, Removal of Real Property Tax Exemption for Businesses, adopted 8-15-1988 by L.L. No. 6-1988, was repealed 9-24-1990 by L.L. No. 13-1990. For current provisions governing real estate tax exemptions for businesses, see § 467-b of the Real Property Tax Law.
The persons who meet the eligibility requirements as set forth in § 459-c of the Real Property Tax Law are entitled to the partial tax exemption as set forth below.
[Last amended 2-21-2023 by L.L. No. 1-2023]
Pursuant to § 459-c of the Real Property Tax Law, the percentage of the assessed valuation which is exempt from taxation will be determined on the basis of income in accordance with the following graduated schedule:
Effective January 1, 2024 | |
|---|---|
Annual Income of Applicant or Applicants | Percentage of Assessed Valuation Exempt from Taxation |
$50,000 or less | 50% |
More than $50,000, but less than $51,000 | 45% |
More than $51,000, but less than $52,000 | 40% |
More than $52,000, but less than $53,000 | 35% |
More than $53,000, but less than $53,900 | 30% |
More than $53,900, but less than $54,800 | 25% |
More than $54,800, but less than $55,700 | 20% |
More than $55,700, but less than $56,600 | 15% |
More than $56,600, but less than $57,500 | 10% |
More than $57,500, but less than $58,400 | 5% |