[Adopted 12-12-1966 by L.L. No. 5-1966]
The purpose of this article is to grant a partial exemption
from taxation to the extent of 50% of the assessed valuation of real
property which is owned by certain persons with limited income who
are 65 years of age or over meeting the requirements set forth in
§ 467 of the Real Property Tax Law.
[Amended 5-14-1990 by L.L. No. 3-1990, approved at referendum 7-16-1990; 2-11-1991 by L.L. No. 1-1991; 11-9-1992 by L.L. No. 7-1992; 11-3-1994 by L.L. No. 7-1994; 2-10-1997 by L.L. No. 3-1997; 2-8-1999 by L.L. No. 1-1999; 12-4-2000 by L.L. No. 9-2000; 3-14-2005 by L.L. No. 1-2005[1]]
A.
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife, or by siblings, one of whom is 65 years of age or over, shall be exempt from County taxes to the extent of 50% of the assessed valuation to the extent provided in the schedule set forth in Subsection B hereof. For the purpose of this article, "sibling" shall mean a brother or a sister, whether related through half blood, whole blood or adoption.
B.
The income of the owner or the combined income of the owners of the
property for the income tax year immediately preceding the date of
making application for exemption shall not exceed the amounts set
forth in the following schedule:
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
$0 to $24,000
|
50%
but less than $25,000
|
|
More than $24,000
|
45%
but less than $26,000
|
|
$25,000 or more
|
40%
but less than $27,000
|
|
$26,000 or more
|
35%
but less than $27,900
|
|
$27,000 or more
|
30%
but less than $28,800
|
|
$27,900 or more
|
25%
but less than $29,700
|
|
$28,800 or more
|
20%
|
|
$29,700 or more
|
0%
|
C.
All other
restrictions, definitions and requirements of § 467 of the
Real Property Tax Law, as amended, shall apply to this article as
if fully set forth herein.
