The purpose of this article is to provide a
partial exemption from real property taxes to persons with disabilities
who have limited income pursuant to § 459-c of the Real
Property Tax Law. All definitions, terms and conditions of such statute
shall apply to this article.
This article shall hereafter be known and cited
as the "Disabilities Exemption Law."
[Amended 3-14-2001 by L.L. No. 3-2001; 4-29-2003 by L.L. No. 4-2003; 2-25-2004 by L.L. No. 1-2004; 2-28-2007 by L.L. No.
2-2007; 10-12-2022 by L.L. No. 15-2022]
Real property owned by one or more persons with
disabilities or real property owned by a husband, wife or both or
by siblings, at least one of whom has a disability, and whose income,
as defined herein and pursuant to § 459-c of the Real Property
Tax Law, is limited by reason of such disability, and which income
is determined by the Assessor in accordance with the provisions of
Paragraph (a), Subdivision 5, of § 459-c of the Real Property
Tax Law, to be not more than $50,000 as of the taxable status date
of May 1, 2023, shall be exempt from taxation to the extent of 50%
of the assessed valuation thereof.
[Amended 3-14-2001 by L.L. No. 3-2001; 4-29-2003 by L.L. No. 4-2003; 2-25-2004 by L.L. No. 1-2004; 2-28-2007 by L.L. No.
2-2007; 10-12-2022 by L.L. No. 15-2022]
To the extent that the income of an owner or owners of real property, one or more of whom has a disability, or real property owned by a husband, wife or both or by siblings, at least one of whom has a disability, exceeds the maximum income amount set forth above in this article at §
440-25, such real property shall be exempt from taxation to the following extent of the assessed valuation thereof:
A. For the
period commencing as of the taxable status date, May 1, 2023:
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
|
---|
$0 to $50,000
|
50%
|
$50,000.01 to $50,999.99
|
45%
|
$51,000 to $51,999.99
|
40%
|
$52,000 to $52,999.99
|
35%
|
$53,000 to $53,899.99
|
30%
|
$53,900 to $54,799.99
|
25%
|
$54,800 to $55,699.99
|
20%
|
$55,700 to $56,599.99
|
15%
|
$56,600 to $57,499.99
|
10%
|
$57,500 to $58,399.99
|
5%
|
The income levels set forth in §§
440-25 and
440-26 herein shall be offset by medical and prescription drug expenses actually paid that were not reimbursed or paid by insurance.
Cooperative apartment shareholders qualify for
exemption. Title to that portion of real property owned by a cooperative
apartment corporation in which a tenant-stockholder of such corporation
resides and which is represented by his share or shares of stock in
such corporation as determined by its or their proportional relationship
to the total outstanding stock of the corporation, including that
owned by the corporation, shall be deemed to be vested in such tenant
stockholder.
Pursuant to New York Municipal Home Rule Law
§ 22, the provisions of this article are intended to supersede
the provisions of Real Property Tax Law § 459-c to the extent
that this article and Real Property Tax Law § 459-c are
inconsistent.