[Adopted 2-17-1998 by L.L. No. 1-1998 (Ch. 91, Art. III, of the 1980
Code)]
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. II)]
This article is adopted pursuant to authority of Real Property
Tax Law § 459-c. All definitions, terms and conditions of
such statute shall apply to this article. This article shall be known
as the "Village of Manchester partial exemption from taxation on certain
real property owned by persons with disabilities."
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. II)]
Real property owned by one or more persons with disabilities,
or real property owned by a husband, wife, or both, or by siblings,
at least one of whom has a disability, or real property owned by one
or more persons, some of whom qualify under this section and the others
of whom qualify under § 467 of this Title 2, and whose income,
as hereafter defined, is limited by reason of such disability, shall
be entitled to a partial exemption from taxation to the extent of
50% of assessed valuation.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. II)]
To be eligible for the exemption authorized by such § 459-c
of the Real Property Tax Law and implemented by this article, the
maximum income of such person shall not exceed $29,000 to qualify
for the fifty-percent exemption. Eligibility increments are as follows:
|
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
|
|---|---|
|
Less than $29,000
|
50%
|
|
$29,000 or more but less than $30,000
|
45%
|
|
$30,000 or more but less than $31,000
|
40%
|
|
$31,000 or more but less than $32,000
|
35%
|
|
$32,000 or more but less than $32,900
|
30%
|
|
$32,900 or more but less than $33,800
|
25%
|
|
$33,800 or more but less than $34,700
|
20%
|
|
$34,700 or more but less than $35,600
|
15%
|
|
$35,600 or more but less than $36,500
|
10%
|
|
$36,500 or more but less than $37,400
|
5%
|
|
Over $37,000
|
0%
|
[Added at time of adoption of Code (see Ch. 1, General Provisions,
Art. II)]
The calculation of income shall be offset by all medical and
prescription drug expenses actually paid which were not reimbursed
or paid for by insurance.
[Added at time of adoption of Code (see Ch. 1, General Provisions,
Art. II)]
Title to that portion of real property owned by a cooperative
apartment corporation in which a tenant-stockholder of such corporation
resides, and which is represented by his share or shares of stock
in such corporation as determined by its or their proportional relationship
to the total outstanding stock of the corporation, including that
owned by the corporation, shall be deemed to be vested in such tenant-stockholder.
