[Adopted 2-9-1999 by L.L. No. 1-1999;
amended in its entirety 5-14-2019 by L.L. No. 5-2019]
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
for taxation to the extent of 50% of assessed valuation.
To be eligible for the exemption authorized
by such § 459-c and implemented by this article, the maximum
income of such person shall not exceed the amounts set forth herein.
Any such person shall be eligible for exemption in accordance with
the following schedule:
A.
For the taxable status date of June 1, 2024, and every
year thereafter:
[Amended 6-11-2024 by L.L. No. 2-2024]
|
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
|
|---|---|
|
More than $0 to but less than $50,000
|
50%
|
|
More than $50,000 but less than $51,000
|
45%
|
|
More than $51,000 but less than $52,000
|
40%
|
|
More than $52,000 but less than $53,000
|
35%
|
|
More than $53,000 but less than $53,900
|
30%
|
|
More than $53,900 but less than $54,800
|
25%
|
|
More than $54,800 but less than $55,700
|
20%
|
|
More than $55,700 but less than $56,600
|
15%
|
|
More than $56,600 but less than $57,500
|
10%
|
|
More than $57,500 but less than $58,400
|
5%
|
[1]
Editor's Note: Former § 196-26, Medical and prescription
costs, was repealed 6-11-2024 by L.L. No. 2-2024.
This exemption shall be extended to a legal
residence owned as a cooperative apartment as provided in such § 459-c.
