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, one of whom is 65 years of age or over, shall be exempt from taxation by the Village of Ellenville to the extent of the following percentages of the assessed valuation thereof:
Annual Income | Percentage of Assessed Valuation Exempt from Taxation |
|---|---|
$0 to $17,500 | 50% |
$17,500.01 to $18,499.99 | 45% |
$18,500 to $19,499.99 | 40% |
$19,500 to $20,499.99 | 35% |
$20,500 to $21,399.99 | 30% |
$21,400 to $22,299.99 | 25% |
$22,300 to $23,199.99 | 20% |
$23,200 to $24,099.99 | 15% |
$24,100 to $24,999.99 | 10% |
Over $25,000 | 0% |
B.
Any exemption provided by this section shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed.
C.
The real property tax exemption on real property owned by husband and wife, one of whom is 65 years of age or over, once granted, shall not be rescinded solely because of the death of the older spouse so long as the surviving spouse is at least 62 years of age.