[Adopted 4-9-1976; amended in its entirety 9-12-2023 by L.L. No. 4-2023]
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.
The maximum income level for the fifty-percent
exemption shall be $18,000 to qualify for the 50% exemption. Additionally,
a lower percentage of exemption is extended to persons whose income
exceeds the amount for the 50% exemption in accordance with the following
schedule (Option 3) of the Real Property Tax Law § 467:
|
Annual Income
|
Percent of Exemption
|
|---|---|
|
$18,000.00 and below
|
50%
|
|
$18,000.01 to $18,999.99
|
45%
|
|
$19,000.00 to $19,999.99
|
40%
|
|
$20,000.00 to $20,999.99
|
35%
|
|
$21,000.00 to $21,899.99
|
30%
|
|
$21,900.00 to $22,799.99
|
25%
|
|
$22,800.00 to $23,699.99
|
20%
|
|
$23,700.00 to $24,599.99
|
15%
|
|
$24,600.00 to $25,499.99
|
10%
|
|
$25,500.00 to $26,399.99
|
5%
|
The Town will annually review the tax exemption
to be granted to citizens age 65 or older no later than its regularly
scheduled October Board meeting. Said tax exemption will be filed
with the Assessor(s) and shall be granted by the Assessor(s) upon
receiving an application which meets all requirements as set forth
by the Town.
