[Adopted 8-9-1966 by L.L. No. 1-1966; amended in its entirety 12-10-1996 by L.L. No. 4-1996]
[Amended 4-24-2001 by L.L. No. 8-2001]
A. 
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 older meeting the requirements set forth in § 467 of the Real Property Tax Law is hereby granted.
B. 
Any person otherwise qualified under this article shall not be denied the exemption under this article if he/she becomes 65 years of age after the taxable status date and on or before December 31 of the same year.
[Amended 2-25-1997 by L.L. No. 1-1997; 3-14-2000 by L.L. No. 2-2000; 2-20-2001 by L.L. No. 4-2001; 11-26-2002 by L.L. No. 7-2002; 2-24-2004 by L.L. No. 1-2004; 12-26-2006 by L.L. No. 2-2007]
The maximum income level for the fifty-percent exemption is established at $26,000. Beginning July 1, 2007, the maximum income level for the fifty-percent exemption is established at $27,000. Beginning July 1, 2008, the maximum income level for the fifty-percent exemption is established at $28,000. Beginning July 1, 2009, the maximum income level for the fifty-percent exemption is established at $29,000.
[Amended 2-25-1997 by L.L. No. 1-1997; 3-14-2000 by L.L. No. 2-2000; 2-20-2001 by L.L. No. 4-2001; 11-26-2002 by L.L. No. 7-2002; 2-24-2004 by L.L. No. 1-2004; 12-26-2006 by L.L. No. 2-2007]
A. 
Beginning July 1, 2006, if the income of the owner or the combined income of the owners shall be within the following ranges, they will receive a percentage of exemption as follows:
Annual Income
Percentage
$26,000 or less
50%
More than $26,000 but less than $27,000
45%
$27,000 or more but less than $28,000
40%
$28,000 or more but less than $29,000
35%
$29,000 or more but less than $29,900
30%
$29,900 or more but less than $30,800
25%
$30,800 or more but less than $31,700
20%
$31,700 or more but less than $32,600
15%
$32,600 or more but less than $33,500
10%
$33,500 or more but less than $34,400
5%
B. 
Beginning July 1, 2007, if the income of the owner or the combined income of the owners shall be within the following ranges, they will receive a percentage of exemption as follows:
Annual Income
Percentage
$27,000 or less
50%
More than $27,000 but less than $28,000
45%
$28,000 or more but less than $29,000
40%
$29,000 or more but less than $30,000
35%
$30,000 or more but less than $30,900
30%
$30,900 or more but less than $31,800
25%
$31,800 or more but less than $32,700
20%
$32,700 or more but less than $33,600
15%
$33,600 or more but less than $34,500
10%
$34,500 or more but less than $35,400
5%
C. 
Beginning July 1, 2008, if the income of the owner or the combined income of the owners shall be within the following ranges, they will receive a percentage of exemption as follows:
Annual Income
Percentage
$28,000 or less
50%
More than $28,000 but less than $29,000
45%
$29,000 or more but less than $30,000
40%
$30,000 or more but less than $31,000
35%
$31,000 or more but less than $31,900
30%
$31,900 or more but less than $32,800
25%
$32,800 or more but less than $33,700
20%
$33,700 or more but less than $34,600
15%
$34,600 or more but less than $35,500
10%
$35,500 or more but less than $36,400
5%
D. 
Beginning July 1, 2009, if the income of the owner or the combined income of the owners shall be within the following ranges, they will receive a percentage of exemption as follows:
Annual Income
Percentage
$29,000 or less
50%
More than $29,000 but less than $30,000
45%
$30,000 or more but less than $31,000
40%
$31,000 or more but less than $32,000
35%
$32,000 or more but less than $32,900
30%
$32,900 or more but less than $33,800
25%
$33,800 or more but less than $34,700
20%
$34,700 or more but less than $35,600
15%
$35,600 or more but less than $36,500
10%
$36,500 or more but less than $37,400
5%