[Adopted 3-28-2001 by L.L. No. 5-2001 (Ch. 92, Art. II,
of the 1975 Code)]
Tax exemptions under this article are provided
pursuant to the authority granted under Real Property Tax Law § 459-c
and are subject to all the terms and provisions of that section.
Subject to the terms of this article, real property
owned by one or more persons with disabilities, or real property owned
by husband, wife, or both, or by siblings, at least one of whom has
a disability, and whose income is limited by reason of such disability,
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 + $4,800 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 than (M + $8,400)
|
5%
|
