[Adopted 8-31-1982 by resolution]
[Amended 2-6-1990 by resolution; 12-20-2022 by L.L. No. 18-2022]
A. 
Any real property located in the Town of Bedford shall be exempt from taxation by the Town to the extent of 50% of the assessed valuation thereof, pursuant to § 467 of the Real Property Tax law, provided that:
(1) 
All of the owners of said real property are 65 years of age or over or, where the owners are husband and wife, either the husband or wife must be 65 years of age or over.
(2) 
The income of the owner or the combined incomes of all the owners of the property does not exceed the annual income in § 110-5 for the 12 consecutive months immediately preceding the date of the application for exemption. Where title is vested in either the husband or the wife, their combined income may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings and net income from self-employment, but shall not include a return of capital, gifts or inheritances. In computing net rental income and net income from self-employment, no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income.
(3) 
The title to the property shall have been vested in the owner or all of the owners of the property for at least 12 consecutive months prior to the date of making application for exemption.
(4) 
The property is used exclusively for residential purposes.
(5) 
The real property is the legal residence of and is occupied in whole or in part by the owner or by all of the owners of said property.
B. 
Application for exemption.
(1) 
Application for such exemption must be made by the owner or all of the owners of the property on forms to be furnished by the Town of Bedford. Said application shall furnish all the information and shall be executed in the manner required or described in such forms and shall be filed with the Town Assessor no later than May 1 of each year.
[Added 10-18-1983 by resolution; amended 9-2-1986 by resolution; 2-6-1990 by resolution; 1-17-1995 by resolution; 4-16-1996 by resolution; 5-6-1997 by resolution; 3-16-1998; 11-21-2000; 12-2-2003; 3-20-2007 by L.L. No. 3-2007; 12-20-2022 by L.L. No. 18-2022]
Pursuant to § 467 of the Real Property Law, extending to senior citizens a real property tax exemption as to their Town tax, said exemption is to be based upon the following annual incomes, with the following percentage of the assessed valuation exempt from taxation:
A. 
For the June 1, 2023 tentative assessment roll effective as of the 2024 billing cycle:
Annual Income
Percentage Assessed Valuation Exempt From Tax
Less than $50,000
50%
At least $50,000 but less than $51,000
45%
At least $51,000 but less than $52,000
40%
At least $52,000 but less than $53,000
35%
At least $53,000 but less than $53,900
30%
At least $53,900 but less than $54,800
25%
At least $54,800 but less than $55,700
20%
At least $55,700 but less than $56,600
15%
At least $56,600 but less than $57,500
10%
At least $57,500 but less than $58,400
5%