[Adopted 2-18-1998 by L.L. No. 1-1998]
This article is adopted pursuant to authority
of Real Property Tax Law § 459-c. All definitions, terms
and conditions of such statute shall apply to this article.
Real property owned by a person with disabilities
whose income is limited by such disabilities, and used as the legal
residence of such person, shall be entitled to a partial exemption
from taxation to the extent of 50% of assessed valuation.
To be eligible for the exemption authorized
by such § 459-c of the Real Property Tax Law and implemented
by this article, the maximum income of such person shall not exceed
$18,500. Any such person having a higher income shall be eligible
for exemption in accordance with the following schedule:
|
Annual Income
|
Percentage Assessed Valuation Exempt From
Taxation
| |
|---|---|---|
|
More than $18,500 but less
|
45%
| |
|
than $19,500
| ||
|
More than $19,500 but less
|
40%
| |
|
than $20,500
| ||
|
More than $20,500 but less
|
35%
| |
|
than $21,500
| ||
|
More than $21,500 but less
|
30%
| |
|
than $22,400
| ||
|
More than $22,400 but less
|
25%
| |
|
than $23,300
| ||
|
More than $23,300 but less
|
20%
| |
|
than $24,200
| ||
|
More than $24,200 but less
|
15%
| |
|
than $25,100
| ||
|
More than $25,100 but less
|
10%
| |
|
than $26,000
| ||
|
More than $26,000 but less
|
5%
| |
|
than $26,900
| ||
Such income shall be offset by medical and prescription
drug expenses actually paid which were not reimbursed or paid for
by insurance.
This exemption shall be extended to a legal
residence owned as a cooperative apartment as provided in § 459-c
of the Real Property Tax Law.
