[Adopted 2-22-2000 by L.L. No. 3-2000 (Ch. 222, Art. VII, of the 1981 Code)]
[Amended 10-11-2005 by L.L. No. 4-2005; 9-9-2014 by L.L. No. 2-2014]
A. 
All real property in the Village of Babylon meeting the application, ownership, residency, income and use requirements of § 459-c of the Real Property Tax Law shall receive an exemption equal to between 5% and 50% of the property's assessed value.
B. 
Maximum income.
(1) 
The maximum income for purposes of the exemption shall equal $30,000 (which is currently the maximum for the senior citizens exemption). The Board of Trustees of the Village of Babylon may alter the income maximum in the future by enactment of a local law providing for such change.
(2) 
The maximum amount of income for the fifty-percent exemption is $21,601. Furthermore, a sliding scale exemption of between 45% and 5% shall be provided in accordance with the income schedule included in Real Property Tax Law § 459-c for incomes between $21,602 and $30,000.
Any exemption provided by this article shall be computed after all other partial exemptions have been subtracted from the total assessed value. No parcel may receive an exemption pursuant to Real Property Tax Law § 459-c (disabled with limited income) and § 467 (senior citizen aged with limited income).
Application for such exemption must be made annually by the owner, or all the owners of the property, on application forms prescribed by the New York State Board of Real Property Services, and filed in the Village Clerk's office on or before the taxable status date, January 1; provided, however, that proof of a permanent disability need be submitted only in the year this exemption is first sought or the disability is first determined permanent. At least 60 days prior to the taxable status date, the Village Clerk's office shall annually mail to all exemption recipients listed on the latest completed assessment roll an application form and a notice that such application must be filed on or before the taxable status date. (For the 2000-2001 tax year only, applications will be accepted until March 31, 2000.)