The purpose of this article is to provide a
partial exemption from real property taxes to persons 65 years of
age or over and to permit such persons to file late applications for
partial real property tax exemptions until the date for the hearing
of complaints pursuant to § 467 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 "Senior Citizens 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,
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 and whose income is determined by the Assessor in accordance
with the provisions of Paragraph (a), Subdivision 3, of § 467
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, 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, exceeds the maximum income amount set forth above in this article at §
440-32, 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%
|
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 § 467 to the extent
that this article and Real Property Tax Law § 467 are inconsistent.