The purpose of this article is to allow for a partial exemption from real property taxation for one or more owners of real property who are senior citizens pursuant to § 467 of the Real Property Tax Law for purposes of taxes levied by the Town of Hoosick.
[Adopted 12-29-1998 by L.L. No. 5-1998; amended in its entirety 2-12-2024 by L.L. No. 3-2024]
A.
This article shall apply to senior citizens, who are persons over the age of 65, with a household income level of $40,000 or below. The percentage of the assessed valuation of real property that is exempt from taxation shall be 50%.
B.
Distributions received from an individual retirement account or individual retirement annuity that were included in the applicant's federal adjusted gross income shall not be considered income. Any social security benefits that were not included in the applicant's federal adjusted gross income shall be considered income. The applicant's income shall not be offset by any medical and prescription drug expenses actually paid that were not reimbursed or paid for by insurance.
C.
All other provisions of § 467 of the Real Property Tax Law that are not inconsistent with this article shall be in effect for the Town of Hoosick for the purpose of real property taxation.
A.
This article shall be effective upon filing with the Secretary of State of the State of New York and shall apply to the assessment rolls based on taxable status date occurring on or before January 1, 2024.
B.
In the event any provision of this article is inconsistent with a provision of a previous local law enacted by the Town of Hoosick, the terms of this article shall govern and the previous law shall be considered as repealed by this article and shall be null and void.