[Adopted 10-24-1966 by L.L. No. 1-1966]
[Amended 5-19-1980 by L.L. No. 2-1980; 12-9-1985 by L.L. No. 9-1985; 12-1-1986 by L.L. No. 1-1986; 3-19-1990 by L.L. No. 1-1990; 3-6-1995 by L.L. No. 1-1995; 11-21-2005 by L.L. No. 8-2005; 10-21-2024 by L.L. No. 5-2024]
A. 
Real property in the City of Watertown 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 City to an extent as set forth in Subsection B of this section based on their income.
B. 
A graduated tax exemption shall be allowed in accordance with the following schedule:
Annual Income
Percentage of Assessed Valuation Exempt From Taxation
$17,400 or less
50%
$17,400.01 or more but less than $18,400
45%
$18,400 or more but less than $19,400
40%
$19,400 or more but less than $20,400
35%
$20,400 or more but less than $21,300
30%
$21,300 or more but less than $22,200
25%
$22,200 or more but less than $23,100
20%
C. 
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.