[Adopted 2-12-2001 by L.L. No. 3-2001]
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.
A.
Real property owned by persons aged 65 years or older, or real property
owned by a husband and wife or siblings, one of whom is 65 years or
age or older, shall be partially exempt from taxation by the Town
of LaFayette as determined by resolution adopted by the Town Board
after a public hearing in accordance with RPTL § 467.
B.
Except as specifically stated in this article and any resolution adopted in accordance with Subsection A above, the eligibility and requirements for exemption shall be as set forth in RPTL § 467.
C.
When title is vested in either a husband or wife, one of whom is 65 years of age or older, their combined income may not exceed the levels set forth in § 245-17 of this article or those levels adopted by resolution in accordance with Subsection A herein. Computation of income shall include social security and retirement benefits, interest, dividends, rental income, salary or earnings and income from self-employment. Said computation shall not include gifts or inheritance.
D.
No person who otherwise qualifies for an exemption under RPTL § 467
and this article shall be denied such exemption if during any year
after the effective date of this section said person reaches age 65
after the taxable status date and prior to December 31 of the same
year.
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%
|
