The purpose of this article is to grant a partial exemption from taxation 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.
[Adopted 4-5-1967; amended in its entirety 5-8-1991 by L.L. No. 1-1991 (Ch. 97, Art. I, of the 1986 Code)]
[Amended 2-8-2005 by L.L. No. 1-2005; 8-11-2020 by L.L. No. 2-2020; 1-6-2026 by L.L. No. 1-2026; 2-23-2026 by L.L. No. 2-2026]
Real property owned by persons 65 years of age or over shall be exempted from Town taxes subject to the following conditions:
A.
The owner or all of the owners must file an application annually in the Assessor's office on or before the taxable status date, which is March 1.
B.
An application for renewal of the exemption granted pursuant to Real Property Tax Law § 467 must be filed on or before the taxable status date, which is March 1.
C.
The income of the owner or the combined income of the owners must not exceed $29,999.99 for the 12 consecutive months prior to the date that the application is filed. Where title is vested in either the husband or wife, the combined income may not exceed such sum.
D.
Title to the property must be vested in the owner or one of the owners for at least 12 consecutive months prior to the date that the application is filed.
E.
The property must be used exclusively for residential purposes, be occupied in whole or in part by the owners and constitute the legal residence of the owners. However, if a portion of the property is used for other than residential purposes, the senior citizens exemption will apply only to the portion used exclusively for residential purposes.
[Amended 2-14-1995 by L.L. No. 1-1995; 2-8-2005 by L.L. No. 1-2005; 1-6-2026 by L.L. No. 1-2026; 2-23-2026 by L.L. No. 2-2026]
A.
A senior citizen exemption of 50% will be granted on a maximum income of $21,600 or less and a reduced (or sliding scale) option exemption will be granted to otherwise qualified owners whose incomes exceed the local income ceiling by a limited amount. This is in accordance with § 467, Subdivision 1(b), of the Real Property Tax Law.
B.
The extent of the exemption granted shall depend on the annual income as calculated in the above section as follows:
Annual Income | Percentage of Assessed Valuation Exempt from Taxation |
|---|---|
$0 to $21,600.00 | 50% |
$21,600.01 to $22,599.99 | 45% |
$22,600.00 to $23,599.99 | 40% |
$23,600.00 to $24,599.99 | 35% |
$24,600.00 to $25,499.99 | 30% |
$25,500.00 to $26,399.99 | 25% |
$26,400.00 to $27,299.99 | 20% |
$27,300.00 to $28,199.99 | 15% |
$28,200.00 to $29,099.99 | 10% |
$29,100.00 to $29,999.99 | 5% |
C.
Each county, city, Town, village and school district may choose whether or not to allow the base exemption of 50% and the amount of the maximum income exemption eligibility level. The option to exempt must be exercised through adoption of a local law, ordinance or resolution. In addition, each county, city, Town, village and school district which has chosen to allow the base exemption may choose to amend the enabling legislation to allow for an increase in the maximum income exemption eligibility level and a corresponding decrease in the percentage of exemption.