[Adopted 9-12-1966 by resolution]
[Amended 12-7-1970; 2-3-1975; 12-12-1977; 10-1-1979; 1-5-1981; 2-6-1984; 12-15-1986; 2-20-1990; 1-7-1991; 12-2-1991; 12-7-1992; 12-4-1995; 6-1-1998]
A. 
Section 467 of the New York State Real Property Tax Law, as the same may be amended from time to time hereinafter, is hereby adopted, and the exemption authorized pursuant thereto is hereby granted, in accordance with the terms and conditions thereof and as set forth herein.
B. 
If the income of the owner or the combined income of the owners of the property is $26,900 or greater for the income tax year immediately preceding the date of application for exemption, no exemption shall be granted.
C. 
The following exemptions shall be allowed for the following incomes herein defined:
Income
Percentage of Assessed Valuation
$18,500 or less
50%
Over $18,500 but less than $19,500
45%
Over $19,500 but less than $20,500
40%
Over $20,500 but less than $21,500
35%
Over $21,500 but less than $22,400
30%
Over $22,400 but less than $23,300
25%
Over $23,300 but less than $24,200
20%
Over $24,200 but less than $25,100
15%
Over $25,100 but less than $26,000
10%
Over $26,000 but less than $26,900
5%
D. 
No exemption shall be granted if the property receives an exemption under the persons with disabilities and limited income tax exemption set forth in Article IV of this chapter.
Any person(s) having made any willful false statement in the application for such exemption shall be punishable by a fine of not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.[1]
[1]
Editor's Note: Original Art. II, Business Investment Tax Exemption, adopted 4-4-1977 by L.L. No. 1-1977, which immediately followed this section, was repealed 6-2-1997 by L.L. No. 4-1997.