A.
Purpose. The purpose of this article is to grant a partial exemption from taxation to the maximum extent of 50% of the assessed valuation of real property owned by certain persons with limited income who have disabilities.
B.
Qualifications and filing requirements. Only those persons meeting the requirements of § 459-c of the Real Property Tax Law shall be entitled to the exemption hereby provided.
C.
Value of M. For the purpose of this article, M is equal to $18,500. The value of M may be modified from time to time by the Board of Trustees by resolution or amendment of this article.
D.
Partial exemption. Partial exemption from taxation to the extent set forth in this article is granted to those persons having income or combined income as limited by § 459-c of the Real Property Tax Law and not exceeding the amount set forth in the following schedule for the income tax year immediately preceding the year of application for exemption:
Annual Income | Percentage of Assessed Valuation Exempt from Taxation |
|---|---|
M or less | 50% |
More than M but less than M+$1,000 | 45% |
M+$1,000 or more but less than M+$2,000 | 40% |
M+$2,000 or more but less than M+$3,000 | 35% |
M+$3,000 or more but less than M+$3,900 | 30% |
M+$3,900 or more but less than M+$4,800 | 25% |
M+$4,800 or more but less than M+$5,700 | 20% |
M+$5,700 or more but less than M+$6,600 | 15% |
M+$6,600 or more but less than M+$7,500 | 10% |
M+$7,500 or more but less than M+$8,400 | 5% |