[Adopted 4-10-1967 by L.L. No. 5-1967]
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 6-14-1971 by L.L. No. 9-1971; 4-13-1987 by L.L. No.
3-1987]
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, meeting
the requirements set forth in § 467 of the Real Property
Tax Law, shall be exempt from real property town taxes to the extent
of 20% to 50% of the assessed valuation, subject to the following
conditions:
A.
The owner or all of the owners must file an application
annually in the Assessor's office at least 90 days before the day
for filing the final assessment roll or such other time as may be
hereafter fixed by law.
B.
The income of the owner or the combined income of
the owners must not exceed the following amounts 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.
[Amended 6-25-1973 by L.L. No. 13-1973; 10-14-1974 by L.L. No. 12-1974; 11-14-1977 by L.L. No. 11-1977; 7-30-1979 by L.L. No. 11-1979; 2-9-1981 by L.L. No. 1-1981; 9-13-1982 by L.L. No.
7-1982; 4-13-1987 by L.L. No. 3-1987; 1-9-2023 by L.L. No. 1-2023[1]]
|
Income Range
|
Percentage Assessed Valuation
Exempt From Taxation
|
|---|---|
|
Income up to and including $19,500
|
50%
|
|
More than $19,500, but less than $20,500
|
45%
|
|
$20,500 or more, but less than $21,500
|
40%
|
|
$21,500 or more, but less than $22,500
|
35%
|
|
$22,500 or more, but less than $23,400
|
30%
|
|
$23,400 or more, but less than $24,300
|
25%
|
|
$24,300 or more, but less than $25,200
|
20%
|
|
$25,200 or more, but less than $26,100
|
15%
|
|
$26,100 or more, but less than $27,000
|
10%
|
|
$27,000 or more, but less than $27,900
|
5%
|
[1]
Editor's Note: This local law provided an effective date of
March 1, 2023.
C.
Title to the property must be vested in the owner,
or if more than one, in all the owners for at least 60 consecutive
months prior to the date the application is filed.
D.
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.
[Added 6-8-1998 by L.L. No. 3-1998]
A.
There shall be an extension of the filing deadline
for the aged exemption application to not late than the last date
for filing a petition for hearing assessment complaints, where failure
to file a timely application resulted from the death of an applicant's
spouse, child, parent, brother or sister; or an illness of the applicant
or the applicant's spouse, child, parent, brother or sister, which
actually prevented the applicant from filing on a timely basis, as
certified by a licensed physician.
B.
There shall be an extension of the deadline for filing
a renewal for the aged exemption application to not later than the
date for hearing assessment complaints, provided that the owner or
all of the owners received the exemption on the preceding assessment
roll.
This article shall take effect immediately upon
filing with the Secretary of State and the Department of Audit and
Control.
