[Adopted 3-17-1998 by L.L. No. 9-1998]
This article is to provide the senior citizen
exemption for unit shareholders within a cooperative. This article
is adopted pursuant to the authority under Real Property Tax Law § 467,
and all definitions, terms and conditions of said subsection shall
apply.
A.
A senior citizen as defined pursuant to Real Property
Tax Law § 467 and whose income is as set forth in the sliding
scale schedules below shall be eligible for partial exemption and
taxation to the extent of 50% of their assessed value. To be eligible
for the exemption authorized by this law, the maximum income of such
person shall not exceed the amounts as set forth below:
[Amended 5-5-1998 by L.L. No. 13-1998; 12-17-2002 by L.L. No. 20-2002; 3-16-2004 by L.L. No.
3-2004; 2-6-2007 by L.L. No. 3-2007]
(1)
For the period expiring June 30, 2007:
|
Annual Income Ranges
|
Exemption Percentage
| |
|---|---|---|
|
Up to and including $26,000
|
50%
| |
|
Greater than $26,000 but less than $27,000
|
45%
| |
|
Greater than $27,000 but less than $28,000
|
40%
| |
|
Greater than $28,000 but less than $29,000
|
35%
| |
|
Greater than $29,000 but less than $29,900
|
30%
| |
|
Greater than $29,900 but less than $30,800
|
25%
| |
|
Greater than $30,800 but less than $31,700
|
20%
| |
|
Greater than $31,700 but less than $32,600
|
15%
| |
|
Greater than $32,600 but less than $33,500
|
10%
| |
|
Greater than $33,500 but less than $34,400
|
5%
| |
|
Greater than $34,400
|
Not eligible
|
(2)
For the period commencing July 1, 2007, expiring June
30, 2008:
|
Annual Income Ranges
|
Exemption Percentage
| |
|---|---|---|
|
Up to and including $27,000
|
50%
| |
|
Greater than $27,000 but less than $28,000
|
45%
| |
|
Greater than $28,000 but less than $29,000
|
40%
| |
|
Greater than $29,000 but less than $30,000
|
35%
| |
|
Greater than $30,000 but less than $30,900
|
30%
| |
|
Greater than $30,900 but less than $31,800
|
25%
| |
|
Greater than $31,800 but less than $32,700
|
20%
| |
|
Greater than $32,700 but less than $33,600
|
15%
| |
|
Greater than $33,600 but less than $34,500
|
10%
| |
|
Greater than $34,500 but less than $35,400
|
5%
| |
|
Greater than $35,400
|
Not eligible
|
(3)
For the period commencing July 1, 2008, expiring June
30, 2009:
|
Annual Income Ranges
|
Exemption Percentage
| |
|---|---|---|
|
Up to and including $28,000
|
50%
| |
|
Greater than $28,000 but less than $29,000
|
45%
| |
|
Greater than $29,000 but less than $30,000
|
40%
| |
|
Greater than $30,000 but less than $31,000
|
35%
| |
|
Greater than $31,000 but less than $31,900
|
30%
| |
|
Greater than $31,900 but less than $32,800
|
25%
| |
|
Greater than $32,800 but less than $33,700
|
20%
| |
|
Greater than $33,700 but less than $34,600
|
15%
| |
|
Greater than $34,600 but less than $35,500
|
10%
| |
|
Greater than $35,500 but less than $36,400
|
5%
| |
|
Greater than $36,400
|
Not eligible
|
(4)
For the period commencing July 1, 2009:
|
Annual Income Ranges
|
Exemption Percentage
| |
|---|---|---|
|
Up to and including $29,000
|
50%
| |
|
Greater than $29,000 but less than $30,000
|
45%
| |
|
Greater than $30,000 but less than $31,000
|
40%
| |
|
Greater than $31,000 but less than $32,000
|
35%
| |
|
Greater than $32,000 but less than $32,900
|
30%
| |
|
Greater than $32,900 but less than $33,800
|
25%
| |
|
Greater than $33,800 but less than $34,700
|
20%
| |
|
Greater than $34,700 but less than $35,600
|
15%
| |
|
Greater than $35,600 but less than $36,500
|
10%
| |
|
Greater than $36,500 but less than $37,400
|
5%
| |
|
Greater than $37,400
|
Not eligible
|
(5)
For
the period commencing May 1, 2023:
[Added 3-7-2023 by L.L. No. 2-2023]
|
Annual Income Ranges
|
Exemption Percentage
| |
|---|---|---|
|
Less than $50,000
|
50%
| |
|
$50,000 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%
|
B.
All income is included exclusive of gifts, inheritances
and veterans disability income. The total income of all the owners
is considered. If the property is owned by either a husband or wife,
it is the combined income which must be considered. Generally the
income consists of social security, interest, dividends, annuity interest
and, in some instances, rent. If the income includes wages, it is
the gross earnings which are tabulated. Capital gains are included
within the year in which they are earned. (The rules for income calculation
are not the same as those used by the Internal Revenue Service.)
[Amended 3-7-2023 by L.L. No. 2-2023]
