[Adopted 11-16-1983 by L.L. No. 5-1983]
Pursuant to § 467 of the New York
Real Property Tax Law, as amended, 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, one of whom is 65 years of age or over,
shall be exempt from taxation by the Village of South Glens Falls,
New York, commencing on January 1, 1984, to the extent of and in accordance
with the graduated maximum income exemption eligibility level as provided
for in § 467-d of the Real Property Tax Law[1] and as set forth in § 135-16, subject to all conditions and limitations as set forth in §§ 467 and 467-d of the Real Property Tax Law, which are hereby incorporated by reference.
[1]
Editor's Note: Section 467-d of the Real Property
Tax Law was repealed by L. 1985, c. 440, § 3.
[Amended 12-1-1993 by L.L. No. 2-1993; 2-1-1995 by L.L. No. 1-1995; 10-18-2000 by L.L. No. 2-2000]
The income of the owner or the combined income
of the owners of real property in the Village of South Glens Falls
must not exceed $17,500 for the income tax year immediately preceding
the date of making application for exemption; except that, pursuant
to the provisions of § 467 of the Real Property Tax Law,
a percentage of exemption, based upon the following schedule, shall
be allowed.
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
Up to but not more than $17,500
|
50%
|
|
Over $17,500 but less than $18,500
|
45%
|
|
Over $18,500 but less than $19,500
|
40%
|
|
Over $19,500 but less than $20,500
|
35%
|
|
Over $20,500 but less than $21,400
|
30%
|
|
Over $21,400 but less than $22,300
|
25%
|
|
Over $22,300 but less than $23,200
|
20%
|
|
Over $23,200 but less than $24,100
|
15%
|
|
Over $24,100 but less than $25,000
|
10%
|
|
Over $25,000 but less than $25,900
|
5%
|
