[Adopted 1-8-2007 by L.L. No. 1-2007]
The purpose of this article is to grant a partial
exemption from taxation to a maximum extent of 50% of the assessed
valuation of real property which is owned by one or more persons 65
years of age or over who meet the requirements set forth in § 467
of the Real Property Tax Law.
[Amended 9-13-2010 by L.L. No. 4-2010]
Real property which qualifies for exemption
pursuant to the provisions of Real Property Tax Law § 467
is hereby exempted from taxation by the Town pursuant to the following
schedule:
|
Annual Combined Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
Up to $20,000
|
50%
|
|
$20,001 to $21,000
|
45%
|
|
$21,001 to $22,000
|
40%
|
|
$22,001 to $23,000
|
35%
|
|
$23,001 to $23,900
|
30%
|
|
$23,901 to $24,800
|
25%
|
|
$24,801 to $25,700
|
20%
|
|
$25,701 to $26,600
|
15%
|
|
$26,601 to $27,500
|
10%
|
|
$27,501 to $28,400
|
5%
|
