[Adopted 2-4-1998 by L.L. No. 2-1998]
The purpose of this article is to adopt for
the Town of Carmel the provisions of § 459-c of the Real
Property Tax Law of the State of New York enacted by Chapter 315 of
the 1997 Session Laws.
The provisions of § 459-c of the Real
Property Tax Law of the State of New York are hereby adopted in and
for the Town of Carmel and the exemption authorized pursuant to said
section is hereby granted subject to the terms and conditions contained
in said § 459-c of the Real Property Tax Law.
[Amended 2-18-2004 by L.L. No. 2-2004]
A.
Pursuant to Real Property Tax Law § 459-c,
real property owned by one or more persons with disabilities or real
property owned by a husband, wife or both or by siblings, at least
one of whom has a disability and whose income, as hereinafter defined,
is limited by reason of such disability, shall be exempt from taxation
by the Town of Carmel in regard to property located in the Town of
Carmel up to a maximum of 50% of the assessed valuation pursuant to
the following schedule:
[Amended 2-7-2007 by L.L. No. 4-2007; 1-11-2023 by L.L. No. 1-2023]
(1)
For the Roll Year 2023:
|
Annual Income
|
Percentage of Assessed Value Exempt from Taxation
|
|---|---|
|
$40,000 and less
|
50%
|
|
$40,000 but less than $41,000
|
45%
|
|
$41,000 but less than $42,000
|
40%
|
|
$42,000 but less than $43,000
|
35%
|
|
$43,000 but less than $43,900
|
30%
|
|
$43,900 but less than $44,800
|
25%
|
|
$44,800 but less than $45,700
|
20%
|
|
$45,700 but less than $46,600
|
15%
|
|
$46,600 but less than $47,500
|
10%
|
|
$47,500 but less than $48,400
|
5%
|
(2)
For the Roll Year 2024:
|
Annual Income
|
Percentage of Assessed Value Exempt from Taxation
|
|---|---|
|
$45,000 and less
|
50%
|
|
$45,000 but less than $46,000
|
45%
|
|
$46,000 but less than $47,000
|
40%
|
|
$47,000 but less than $48,000
|
35%
|
|
$48,000 but less than $48,900
|
30%
|
|
$48,900 but less than $49,800
|
25%
|
|
$49,800 but less than $50,700
|
20%
|
|
$50,700 but less than $51,600
|
15%
|
|
$51,600 but less than $52,500
|
10%
|
|
$52,500 but less than $53,400
|
5%
|
(3)
For the Roll Year 2025:
|
Annual Income
|
Percentage of Assessed Value Exempt from Taxation
|
|---|---|
|
$50,000 and less
|
50%
|
|
$50,000 but less than $51,000
|
45%
|
|
$51,000 but less than $52,000
|
40%
|
|
$52,000 but less than $53,000
|
35%
|
|
$53,000 but less than $53,900
|
30%
|
|
$53,900 but less than $54,800
|
25%
|
|
$54,800 but less than $55,700
|
20%
|
|
$55,700 but less than $56,600
|
15%
|
|
$56,600 but less than $57,500
|
10%
|
|
$57,500 but less than $58,400
|
5%
|
B.
Income shall include social security and retirement
benefits, interest, dividends, total gains from the sale or exchange
of a capital asset which may be offset by a loss from the sale or
exchange of a capital asset in the same income tax year, net rental
income, salary or earnings, and net income from self-employment, but
shall not include a return of capital, gifts, inheritances or monies
earned through employment in the federal foster grandparent program
and any such income shall be offset by all medical and prescription
drug expenses actually paid which were not reimbursed or paid for
by insurance. In computing net rental income and net income from self
employment, no depreciation deduction shall be allowed for the exhaustion,
wear and tear of real or personal property held for the production
of income. Income tax year shall mean the twelve-month period from
which the owner or owners file a federal personal income tax return
or, if no such return is filed, the calendar year.
