[Adopted 1-3-2024 by L.L. No. 2-2024]
A.
Real property in the Village of Canastota owned by one or more persons, each of whom is 65 years of age or over, or real property owned by spouses or by siblings as defined by Real Property Tax Law § 467, one of whom is 65 years of age or over, shall be exempt from taxation by the Village to an extent as set forth in Subsection B of this section based on their income. Such exemption shall also apply to real property in which a person(s) holds a legal life estate or which is held in trust solely for the benefit of a person(s) if such person(s) would otherwise be eligible for the exemption were such person(s) the owner(s) of such real property.
B.
A graduated
tax exemption shall be allowed in accordance with the following schedule:
|
Annual Income
|
Percentage Assessed Valuation Exempt From Taxation
|
|---|---|
|
More than $18,000 but less than $19,000
|
45%
|
|
$19,000 or more but less than $20,000
|
40%
|
|
$20,000 or more but less than $21,000
|
35%
|
|
$21,000 or more but less than $21,900
|
30%
|
|
$21,900 or more but less than $22,800
|
25%
|
|
$22,800 or more but less than $23,700
|
20%
|
|
$23,700 or more but less than $24,600
|
15%
|
|
$24,600 or more but less than $25,500
|
10%
|
|
$25,500 or more but less than $26,400
|
5%
|
The right to said exemption set forth in this article, the procedures
for application therefor and the restrictions and limitations thereon
shall be as set forth in this article in accordance with the terms,
procedures, restrictions and limitations set forth in the Real Property
Tax Law § 467. The exemption, the procedures for application
therefor and the restrictions and limitations thereon as set forth
in Real Property Tax Law § 467, as amended, and as from time
to time shall be amended, are hereby incorporated by reference into
this article. If any provisions of this article are in conflict with
those set forth in Real Property Tax Law § 467, Real Property
Tax Law § 467 shall be controlling.
