[Adopted 3-6-2007 by L.L. No. 3-2007]
Section 467 of the New York State Real Property Tax Law, as amended from time to time, authorizes municipal corporations to grant partial real property tax exemptions to senior citizens who are 65 years of age or over who have limited incomes. Such partial real property tax exemptions established by New York State provide for property tax exemption levels ranging from 5% to 50% of the assessed value of a home, based on household income levels.
Real property owned by persons 65 years of age or over shall be exempt from certain Village taxes, as defined hereafter, up to a maximum of 50% of the assessed valuation, pursuant to the following schedule and subject to the following conditions:
A. 
For the period expiring June 30, 2007:
Annual Income
Percentage of Assessed Value
Exempt from Taxation
$0 to $26,000.00
50%
$26,000.01 to $26,999.99
45%
$27,000.00 to $27,999.99
40%
$28,000.00 to $28,999.99
35%
$29,000.00 to $29,899.99
30%
$29,900.00 to $30,799.99
25%
$30,800.00 to $31,699.99
20%
$31,700.00 to $32,599.99
15%
$32,600.00 to $33,499.99
10%
$33,500.00 to $34,399.99
5%
B. 
For the period commencing July 1, 2007, and expiring June 30, 2008:
Annual Income
Percentage of Assessed Value
Exempt from Taxation
$0 to $27,000.00
50%
$27,000.01 to $27,999.99
45%
$28,000.00 to $28,999.99
40%
$29,000.00 to $29,999.99
35%
$30,000.00 to $30,899.99
30%
$30,900.00 to $31,799.99
25%
$31,800.00 to $32,699.99
20%
$32,700.00 to $33,599.99
15%
$33,600.00 to $34,499.99
10%
$34,500.00 to $35,399.99
5%
C. 
For the period commencing July 1, 2008, and expiring June 30, 2009:
Annual Income
Percentage of Assessed Value
Exempt from Taxation
$0 to $28,000.00
50%
$28,000.01 to $28,999.99
45%
$29,000.00 to $29,999.99
40%
$30,000.00 to $30,999.99
35%
$31,000.00 to $31,899.99
30%
$31,900.00 to $32,799.99
25%
$32,800.00 to $33,699.99
20%
$33,700.00 to $34,599.99
15%
$34,600.00 to $35,499.99
10%
$35,500.00 to $36,399.99
5%
D. 
For the period commencing July 1, 2009 and expiring May 31, 2023:
[Amended 2-28-2023 by L.L. No. 2-2023]
Annual Income
Percentage of Assessed Value
Exempt from Taxation
$0 to $29,000.00
50%
$29,000.01 to $29,999.99
45%
$30,000.00 to $30,999.99
40%
$31,000.00 to $31,999.99
35%
$32,000.00 to $32,899.99
30%
$32,900.00 to $33,799.99
25%
$33,800.00 to $34,699.99
20%
$34,700.00 to $35,599.99
15%
$35,600.00 to $36,499.99
10%
$36,500.00 to $37,399.99
5%
E. 
For the period commencing June 1, 2023:
[Added 2-28-2023 by L.L. No. 2-2023]
Annual Income
Percentage of Assessed Value
Exempt from Taxation
Not more than $50,000.00
50%
$50,000.01 or more but less than $50,999.99
45%
$51,000.00 or more but less than $51,999.99
40%
$52,000.00 or more but less than $52,999.99
35%
$53,000.00 or more but less than $53,899.99
30%
$53,900.00 or more but less than $54,799.99
25%
$54,800.00 or more but less than $55,699.00
20%
$55,700.00 or more but less than $56,599.99
15%
$56,600.00 or more but less than $57,499.99
10%
$57,500.00 or more but less than $58,399.99
5%
The owner, or 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 which other time as may be hereafter fixed by law. An application filed for town or county senior citizen property tax exemption shall be deemed an application for Village taxes as well.
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 of the Real Property Tax Law must not exceed the levels noted in Village Code § 73-5.
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.
All other provisions of § 467 of the Real Property Tax Law applicable to villages as municipal corporations of the State of New York shall apply.