The exemption from taxation shall not be granted if the combined income of all owners of the property, for the income tax year immediately preceding the date of making application for exemption, exceeds the following amount: $50,000.
[HISTORY: Adopted by the Board of Trustees of the Village of Sea Cliff 12-17-1990 by L.L. No. 1-1990; amended in its entirety 11-4-2024 by L.L. No. 10-2024. Subsequent amendments noted where applicable.]
The maximum income eligibility level as provided in § A159-1 above is hereby increased to the extent provided in the following schedule:
Combined Annual Income of All Owners | Percentage of Assessed Valuation Exempt From Taxation |
|---|---|
$50,000 or less | 50% |
More than $50,000 but less than $51,000 | 45% |
$51,000 or more but less than $52,000 | 40% |
$52,000 or more but less than $53,000 | 35% |
$53,000 or more but less than $53,900 | 30% |
$53,900 or more but less than $54,800 | 25% |
$54,800 or more but less than $55,700 | 20% |
$55,700 or more but less than $56,600 | 15% |
$56,600 or more but less than $57,500 | 10% |
$57,500 or more but less than $58,400 | 5% |