[Adopted 11-29-1971]
Real property located within the City of Jamestown
and owned by one or more persons who meet the qualifications of § 467
of the Real Property Tax Law shall be exempt from taxation in three
annual steps to the extent of 30% of the assessed valuation of the
property on the first assessment roll prepared after the adoption
of this article, 40% of the assessed valuation on the second such
assessment roll and 50% of the assessed valuation on subsequent assessment
rolls.
[Amended 8-26-1974; 9-8-1975; 12-11-1978; 5-5-1980; 10-19-1981; 10-4-1982; 10-18-1982; 10-11-1983; 10-13-1987; 9-27-1993; 1-30-2006; 8-20-2007; 11-27-2023 by L.L. No.
2-2023]
No exemption shall be granted if the combined
income of the owners of the property for the income tax year immediately
preceding the date of making application for exemption exceeds the
sum of $22,000 for the 2024 tax year, and beyond.
