[Adopted 12-19-1983 by L.L. No. 9-1983; amended in its entirety 10-17-1994 by L.L. No. 11-1994]
Pursuant to the provisions of § 467 of the Real Property Tax Law, the 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 to the maximum extent of 50% of the assessed valuation thereof, as hereinafter provided.
[Amended 12-15-2008 by L.L. No. 9-2008; 2-7-2023 by L.L. No. 1-2023]
A. 
All of the provisions, conditions and requirements of § 467 of the Real Property Tax Law and § 467-b, Subdivision 3a, of the Real Property Tax Law and § 467-c, Subdivision 1d, of the Real Property Tax Law and amendments thereto shall apply to the applications for and the granting of such an exemption on the assessment roll of the Town of Kent, except that no exemption shall be granted if the income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds $48,400 for the year 2023; $53,400 for the year 2024; and $58,400 for the year 2025.
B. 
Real property owned by persons 65 years of age or over shall be exempt from certain Town taxes up to a minimum of 50% of the assessed valuation pursuant to the following schedule:
(1) 
For the Assessment Roll Year 2023:
Annual Income
Percentage of Assessed Value Exempt from Taxation
$40,000 or less
50%
$40,001 to $41,000
45%
$41,001 to $42,000
40%
$42,001 to $43,000
35%
$43,001 to $43,900
30%
$43,901 to $44,800
25%
$44,801 to $45,700
20%
$45,701 to $46,600
15%
$46,601 to $47,500
10%
$47,501 to $48,400
5%
(2) 
For the Assessment Roll Year 2024:
Annual Income
Percentage of Assessed Value Exempt from Taxation
$45,000 or less
50%
$45,001 to $46,000
45%
$46,001 to $47,000
40%
$47,001 to $48,000
35%
$48,001 to $48,900
30%
$48,901 to $49,800
25%
$49,801 to $50,700
20%
$50,701 to $51,600
15%
$51,601 to $52,500
10%
$52,501 to $53,400
5%
(3) 
For the Assessment Roll Year 2025:
Annual Income
Percentage of Assessed Value Exempt from Taxation
$50,000 or less
50%
$50,001 to $51,000
45%
$51,001 to $52,000
40%
$52,001 to $53,000
35%
$53,001 to $53,900
30%
$53,901 to $54,800
25%
$54,801 to $55,700
20%
$55,701 to $56,600
15%
$56,601 to $57,500
10%
$57,501 to $58,400
5%
C. 
The income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for exemption from all sources, as set forth in §§ 467 and 467-b, Subdivision 3a, of the Real Property Tax Law and § 467-c, Subdivision 1d, of the Real Property Tax Law, must not exceed $48,400 for the year 2023; $53,400 for the year 2024; and $58,400 for the year 2025. "Income tax year" shall mean the twelve-month period for which the owner or owners file a federal personal income tax return or, if no such return is filed, in the calendar year. When title is vested in either husband or wife, the combined income of both may not exceed such sum.
D. 
This article shall apply to the assessment roll as follows: for § 67-2B(1) commencing for the year 2023 and for the taxable year 2023/2024; for § 67-2B(2) commencing for the year 2024 and for the taxable year 2024/2025; and for § 67-2B(3) commencing for the year 2025 and for the taxable year 2025/2026.
E. 
This article shall take effect immediately.
This article shall apply to the assessment roll until further change, and the provisions of § 467, as amended, shall govern the granting of an exemption under said section, notwithstanding any contrary provision of such section.
[Added 2-26-1996 by L.L. No. 1-1996; amended 2-7-2023 by L.L. No. 1-2023]
The Town Board may amend the schedule set forth in § 67-2B, by resolution, following a duly noticed public hearing.