By Local Law No. 1 of the Year 2019, this Board proposes a new
local law relative to the partial exemption from real property taxes
for persons who are 65 years of age or older or who turn 65 years
of age in the calendar year in which the property taxes become due,
in accordance with Real Property Tax Law § 467.
New York Real Property Tax Law § 467, as amended,
allows municipalities to establish the maximum income eligibility
levels for the exemption for persons 65 years of age or older from
its current level to $37,400, in accordance with the following schedule
of exemptions:
Exemption
|
Income Limits
|
---|
50%
|
$29,000
|
45%
|
$30,000
|
40%
|
$31,000
|
35%
|
$32,000
|
30%
|
$32,900
|
25%
|
$33,800
|
20%
|
$34,700
|
15%
|
$35,600
|
10%
|
$36,500
|
5%
|
$37,400
|
Local Law No. 1 of the Year 2019 is hereby enacted to grant a partial exemption from real property taxes for persons 65 years of age or older or who turn 65 years of age in the calendar year in which the property taxes become due, at the maximum amounts authorized by Real Property Tax Law § 467 as described in §
212-11 of this article.