[Amended 11-4-1998 by L.L. No. 14-1998]
Pursuant to the provisions of the Real Property
Tax Law, the real property owned by one or more persons, each of whom
is 65 years of age or over, or real property owned by a husband and
wife, one of whom is 65 years of age or over, shall be exempt from
taxation up to a maximum of 50% of the assessed valuation thereof,
as hereinafter provided.
[Amended 11-4-1998 by L.L. No. 14-1998; 1-24-2001 by L.L. No. 8-2001; 12-30-2002 by L.L. No. 7-2003; 2-3-2004 by L.L. No. 2-2004; 12-5-2006 by L.L. No. 10-2006; 12-6-2022 by L.L. No. 15-2022]
A. All the provisions, conditions and requirements of
§ 467 of the Real Property Tax Law and amendments thereto
shall apply to the application for and the granting of such exemption
on the assessment rolls of the towns as they apply to the County of
Putnam except that no exemption shall be granted if the income of
the owner or the combined income of the owners of the property for
the income tax year immediately preceding the date of making application
for exemption is: for the year 2023, the sum of $48,400 or more; for
the year 2024, the sum of $53,400 or more; for the year 2025, the
sum of $58,400 or more.
B. Real property owned by persons 65 years of age or
over shall be exempt from certain County taxes up to a maximum of
50%.
(1) For the year 2023:
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
---|
$40,000 and less
|
50%
|
More than $40,000 but less than $41,000
|
45%
|
More than $41,000 but less than $42,000
|
40%
|
More than $42,000 but less than $43,000
|
35%
|
More than $43,000 but less than $43,900
|
30%
|
More than $43,900 but less than $44,800
|
25%
|
More than $44,800 but less than $45,700
|
20%
|
More than $45,700 but less than $46,600
|
15%
|
More than $46,600 but less than $47,500
|
10%
|
More than $47,500 but less than $48,400
|
5%
|
(2) For the year 2024:
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
---|
$45,000 and less
|
50%
|
More than $45,000 but less than $46,000
|
45%
|
More than $46,000 but less than $47,000
|
40%
|
More than $47,000 but less than $48,000
|
35%
|
More than $48,000 but less than $48,900
|
30%
|
More than $48,900 but less than $49,800
|
25%
|
More than $49,800 but less than $50,700
|
20%
|
More than $50,700 but less than $51,600
|
15%
|
More than $51,600 but less than $52,500
|
10%
|
More than $52,500 but less than $53,400
|
5%
|
(3) For the year 2025:
Annual Income
|
Percentage of Assessed Value Exempt From Taxation
|
---|
$50,000 and less
|
50%
|
More than $50,000 but less than $51,000
|
45%
|
More than $51,000 but less than $52,000
|
40%
|
More than $52,000 but less than $53,000
|
35%
|
More than $53,000 but less than $53,900
|
30%
|
More than $53,900 but less than $54,800
|
25%
|
More than $54,800 but less than $55,700
|
20%
|
More than $55,700 but less than $56,600
|
15%
|
More than $56,600 but less than $57,500
|
10%
|
More than $57,500 but less than $58,400
|
5%
|
[Amended 11-4-1998 by L.L. No. 14-1998; 1-24-2001 by L.L. No. 8-2001; 12-30-2002 by L.L. No. 7-2003; 2-3-2004 by L.L. No. 2-2004; 12-5-2006 by L.L. No. 10-2006; 12-6-2022 by L.L. No. 15-2022]
The income of the owner or the combined income
of the owners of the property for income tax year immediately preceding
the date of the application for exemption from all sources, as set
forth in § 467 must be less than $48,400 for the year 2023;
$53,400 for the year 2024; and $58,400 for the year 2025. "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, in the calendar year. When title is vested in either
the husband or wife, the combined income of both may not exceed such
sum.
[Amended 11-4-1998 by L.L. No. 14-1998; 1-24-2001 by L.L. No. 8-2001; 12-30-2002 by L.L. No. 7-2003; 2-3-2004 by L.L. No. 2-2004; 12-5-2006 by L.L. No. 10-2006; 12-6-2022 by L.L. No. 15-2022]
This article shall apply to the assessment roll as follows: for §
220-30B(1) commencing for the year 2023 and for the taxable year 2023/2024; for §
220-30B(2) commencing for the year 2024 and for the taxable year 2024/2025; and for §
220-30B(3) commencing for the year 2025 and for the taxable year 2025/2026.
[Added 12-2-1997 by L.L. No. 15-1997]
Any person or persons who willfully make a false
statement in the application of this exemption shall be punishable
by a fine of not more than $100 and shall disqualify the applicant
or applicants from further exemption for a period of five years.
This article shall take effect immediately.