[Adopted 10-6-1980 by L.L. No. 4-1980; amended in its entirety 10-6-1986 by L.L. No. 9-1986]
Pursuant to the provisions of the Real Property Tax Law, as amended to date, the purpose of this article is to grant a partial exemption from taxation on 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 said law, as amended.
[Amended 5-7-1990 by L.L. No. 4-1990]
A. 
For Village of Larchmont assessment rolls prepared on the basis of a taxable status date occurring on or after January 1, 1990, real property owned by certain persons 65 years of age or older shall be exempt from village taxes to the following extent:
[Amended 3-17-1993]
Annual Income
Percentage of Assessed Value Exempt From Taxation
$0 to $15,000
50%
$15,001 to $15,600
45%
$15,601 to $16,200
40%
$16,201 to $16,800
35%
$16,801 to $17,400
30%
$17,401 to $18,000
25%
$18,001 to $18,600
20%
$18,601 to $19,200
15%
$19,201 to $19,800
10%
B. 
The Village of Larchmont hereby exercises the local option provided for in § 467, Subdivision 5, of the New York Real Property Tax Law. Accordingly, any person otherwise qualifying for the senior citizens tax exemption provided for herein shall not be denied the exemption if such person is 65 years of age after the appropriate taxable status date and before December 31 of the same year.
The owner or all of the owners must file an application annually in the Assessor's office of the Village of Larchmont for this exemption. Applications must be filed in the Assessor's office on or before the taxable status date of the village assessment roll, which is January 1 of each year.
The income of the owner or the combined income of the owners must not exceed the limits set forth in § 251-17 above from all sources, as set forth in the Real Property Tax Law, for the 12 consecutive months prior to the date that the application is filed. Where title is vested in either the husband or wife, the combined income may not exceed such sum.
A. 
Title to the property must be vested in the owner or, if more than one, in all of the owners for at least 24 consecutive months prior to the date that the application is filed.
B. 
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.