[Adopted 10-15-2015 by L.L. No. 3-2015]
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by a husband and wife, or by siblings, one of whom is 65 years of age or over, shall be exempt from taxation by the County of Sullivan to the extent of 50% of the assessed value thereof or such lesser per centum of assessed value thereof for persons whose maximum income eligibility is increased in accordance with the provisions of Real Property Tax Law § 467(1)(b), Subdivisions (1), (2), and (3).
The maximum income eligibility determined in accordance with Subdivision 3 of § 467 of the Real Property Tax Law shall be $20,500, and shall entitle qualified owners to a fifty-per-centum exemption.
No exemption shall be allowed except in accordance with the provisions of § 467 of the Real Property Tax Law for real property which qualifies by use and ownership upon an application submitted in the manner provided by such section.
Local Law No. 7 of 2003, entitled "A local law increasing the real property tax exemption levels for senior citizens pursuant to § 467 of the Real Property Tax Law," be and the same is hereby repealed.