[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.