[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 the amount identified in the tables below
for the income tax year two years preceding the assessment roll in
which the exemption is to be levied except that, pursuant to the provisions
of § 467 of the Real Property Tax Law, a percentage of exemption,
based upon the following schedules, 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; 11-14-2023 by L.L. No. 3-2023]
|
Annual Income (for use in 2024 assessment
roll)
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
Up to (but not more than) and including $26,000
|
50%
|
|
$26,001 but less than $27,000
|
45%
|
|
$27,000 but less than $28,000
|
40%
|
|
$28,000 but less than $29,000
|
35%
|
|
$29,000 but less than $30,000
|
30%
|
|
$30,000 but less than $30,800
|
25%
|
|
$30,800 but less than $31,700
|
20%
|
|
$31,700 but less than $32,600
|
15%
|
|
$32,600 but less than $33,500
|
10%
|
|
$33,500 but less than $34,400
|
5%
|
|
Annual Income (for use in 2025 assessment
roll)
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
Up to (but not more than) and including $29,000
|
50%
|
|
$29,000 but less than $30,000
|
45%
|
|
$30,000 but less than $31,000
|
40%
|
|
$31,000 but less than $32,000
|
35%
|
|
$32,000 but less than $33,000
|
30%
|
|
$33,000 but less than $33,800
|
25%
|
|
$33,800 but less than $34,700
|
20%
|
|
$34,700 but less than $35,600
|
15%
|
|
$35,600 but less than $36,500
|
10%
|
|
$36,500 but less than $37,400
|
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.
