[Adopted 4-13-1976 by L.L. No. 10-1976 (Ch. 55, Art. I, of the 1976 Code); amended in its entirety 4-9-1991 by L.L. No. 1-1991]
A partial exemption from taxation to the extent
of 50% of the assessed valuation of real property which is owned by
certain persons with limited income who are 65 years of age or older
meeting the requirements set forth in § 467 of the Real
Property Tax Law is hereby granted.
[Amended 4-14-1992 by L.L. No. 1-1992; 5-10-2005 by L.L. No. 2-2005]
A.
The Town of Red Hook, to the extent set forth below,
shall grant an exemption if the income of the owner or the combined
income of the owners for the income tax year immediately preceding
the date of the application is not more than $5,700 more than the
maximum income eligibility level exemption and the owner or owners
satisfy all the provisions of the Real Property Tax Law § 467,
Subdivision 1(b).
B.
For the purpose of this article, "maximum income eligibility
level exemption (M)" shall be defined as the maximum amount of income
set forth in § 467, Subdivision 3(a), of the New York State
Real Property Tax Law, as amended from time to time, but not less
than $24,000.
|
Table of Income and Percentage
| |
|---|---|
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|
M or less
|
50%
|
|
More than M but less than (M + $1,000)
|
45%
|
|
M + $1,000 or more but less than (M + $2,000)
|
40%
|
|
M + $2,000 or more but less than (M + $3,000)
|
35%
|
|
M + $3,000 or more but less than (M + $3,900)
|
30%
|
|
M + $3,900 or more but less than (M + $4,800)
|
25%
|
|
M + $4,800 or more but less than (M + $5,700)
|
20%
|
|
M + $5,700 or more
|
0
|
