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.
[Adopted 5-13-1996 by L.L. No. 1-1996]
The maximum income level for exemption shall be as set forth in the table below:
Annual Income | Percentage of Assessed Valuation Exempt From Taxation |
|---|---|
$0 to $16,499 | 50% |
$16,500 to 17,499 | 45% |
$17,500 to $18,499 | 40% |
$18,500 to $19,499 | 35% |
$19,500 to $20,399 | 30% |
$20,400 to $21,299 | 25% |
$21,300 to $22,199 | 20% |
$22,200 to $23,099 | 15% |
$23,100 to $23,999 | 10% |