[Adopted 3-28-2001 by L.L. No. 5-2001 (Ch. 92, Art. I, of the 1975 Code)]
[Amended 8-10-2016 by L.L. No. 6-2016]
A. 
Tax exemptions under this article are provided pursuant to the authority granted under Real Property Tax Law § 467 and are subject to all the terms and provisions of that section.
B. 
In the event the owner, or all of the owners, of property which has received an exemption pursuant to § 467 of the Real Property Tax Law on the preceding assessment roll fail to file the application pursuant to § 467 on or before the taxable status date, such owner or owners may file the application, executed as if such application had been filed before the taxable status date, with the Assessor on or before the date for the hearing of complaints.
Subject to the terms of this article, real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, shall be exempt from taxation by the Town of LaGrange to the extent of 50% of the assessed valuation thereof.
A. 
No owner or owners of real property shall be entitled to the exemption provided in this article if the income of the owner or combined owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds $24,000 ("maximum income") except as provided in Subsection B below.
[Amended 10-26-2005 by L.L. No. 6-2005]
B. 
An owner or owners of real property with income in excess of the maximum income set forth in Subsection A above shall be entitled to exemptions only as follows:
Annual Income
Percentage Assessed Valuation Exempt From Valuation
More than maximum income ("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 + $4,000 or more) but less than (M + $5,700)
20%
(M + $5,700 or more) but less than (M + $6,600)
15%
(M + $6,600 or more) but less than (M + $7,500)
10%
(M + $7,500 or more) but less (M + $8,400)
5%
C. 
Disability payments for veterans under Title 38 U.S. Code are excluded from income calculations.
[Added 8-10-2016 by L.L. No. 6-2016]