[Adopted 12-11-1973 by Ch. 29 of the 1973 Code]
The purpose of this Article is to grant a partial exemption from taxation to the extent of 50% of the assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or over, meeting the requirements set forth in § 467 of the Real Property Tax Law.
[Amended 6-10-1975; 9-13-1977; 4-29-1983; 2-28-1984; 1-12-1988; 12-12-1989]
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 town taxes to the extent of the per centum of assessed valuation set forth in Subsection B hereof, subject to the following conditions:
A. 
The owner or all of the owners must file an application annually in the assessor's office on or before the taxable status date or such other time as may hereafter be fixed by law.
B. 
The income of the owner or the combined income of the owners must not exceed $24,000 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:
[Amended 2-9-1993 by L.L. No. 1-1993; 1-27-1995 by L.L. No. 1-1995; 12-27-1996 by L.L. No. 4-1996; 11-9-2021 by L.L. No. 5-2021]
Annual Income
Percentage of Assessed Valuation Exempt From Taxation
Up to (but not more than) and including $24,000
50%
$24,000 but less than $25,000
45%
$25,000 but less than $26,000
40%
$26,000 but less than $27,000
35%
$27,000 but less than $27,900
30%
$27,900 but less than $28,800
25%
$28,800 but less than $29,700
20%
$29,700 but less than $30,600
15%
$30,600 but less than $31,500
10%
$31,500 but less than $32,400
5%
C. 
Where title is vested in either the husband or wife, the combined income may not exceed the sums set forth in the foregoing schedule. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings and net income from self-employment, but shall not include a return of capital, gifts or inheritances. In computing net rental income and net income from self-employment, no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income.
D. 
Title to the property must be vested in the owner or one of the owners for at least 24 consecutive months prior to the date that the application is filed, with the proviso as provided by § 467, Subdivision 3(b) of the Real Property Tax Law.
E. 
The property must be used exclusively for residential purposes, be occupied in whole or in part by the owners and constitute the legal residence of the owners, with the exceptions and provisos set forth in § 467, Subdivision 3(c) and (d) of the Real Property Tax Law.