The purpose of this article is to exempt from
real property taxation property owned by certain persons with disabilities
and limited incomes as authorized by the New York State Real Property
Tax Law.
Real property owned by one or more persons with
disabilities, as defined in New York State Real Property Tax Law § 459-c,
or owned by a husband, wife, or both, or by siblings, at least one
of whom has a disability, and whose income or combined incomes is
limited by reason of such disability, shall be exempt from taxes up
to a maximum of 50% of assessed valuation, pursuant to a schedule
established from time to time by resolution of the Town Board following
a public hearing and upon compliance with the provisions of this article
for the fiscal year for which an application is filed. For purposes
of this section, “sibling” shall mean a brother or sister,
whether related through whole blood, half blood or adoption.
[Added 1-8-2024 by L.L. No. 5-2024]
In connection with calculating the income pursuant to Article
III of Chapter
128, the following adjustments to income shall apply:
A. Any taxable
IRA distributions shall not be excluded as income for purposes of
this exemption.
B. Any nontaxable
social security shall not be included as income for purposes of this
exemption.