Section 467 of the Real Property Tax Law authorizes villages
to adopt a resolution establishing income eligibility guidelines for
certain tax exemptions.
The amount of income to determine eligibility for tax exemption
under § 467 of the Real Property Tax Law is increased to
$20,000.
To be eligible for the exemption authorized by Real Property
Tax Law § 467 and implemented by this article, the maximum income
of such person shall not exceed $20,000. Any such person having higher
income shall be eligible for an exemption in accordance with the following
schedule:
Income Level
|
Residential Exemption
|
---|
$0.00 to $20,000
|
50%
|
$20,000.01 to $20,999.99
|
45%
|
$21,000 to $21,999.99
|
40%
|
$22,000 to $22,999.99
|
35%
|
$23,000 to $23,899.99
|
30%
|
$23,900 to $24,799.99
|
25%
|
$24,800 to $25,699.99
|
20%
|
$25,700 to $26,599.99
|
15%
|
$26,600 to $27,499.99
|
10%
|
$27,500 to $28,399.99
|
5%
|
This provision shall be effective with the 1998 assessment roll.