The purpose of this article is to adopt for the Town of LaFayette
a comprehensive local law authorizing an exemption as provided for
in § 467 of the Real Property Tax Law (RPTL § 467)
with respect to the grant of a partial tax exemption for real property
owned by persons aged 65 or older, and to repeal preexisting local
laws, resolutions or ordinances governing this matter.
The meanings of words as used in this article shall be the same
as the meanings used in and provided for by RPTL § 467.
Until such time as the Town Board adopts a resolution determining the amount of exemption pursuant to §
245-16A of this article, real property owned by persons aged 65 years or older shall be granted a partial tax exemption according to the following schedule:
Annual Income of Owner(s)
|
Percentage of Assessed Valuation Exempted
|
---|
Up to and including $20,500
|
50%
|
More than $20,500 but less than $21,500
|
45%
|
More than $21,500 but less than $22,500
|
40%
|
More than $22,500 but less than $23,500
|
35%
|
More than $23,500 but less than $24,400
|
30%
|
More than $24,400 but less than $25,300
|
25%
|
More than $25,300 but less than $26,200
|
20%
|
More than $26,200 but less than $27,100
|
15%
|
More than $27,100 but less than $28,000
|
10%
|
More than $28,000 but less than $28,900
|
5%
|