[Adopted 7-8-1975 by L.L. No. 1-1975 (Ch.
81 of the 1975 Municipal Code); amended in its entirety by 7-25-2006 by L.L. No. 1-2006 (Res. No. 141-2006)]
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.
[Amended 5-10-2016 (Res.
No. 86-2016); 4-11-2023 by L.L. No. 4-2023 (Res. No. 65-2023)]
The income limitation for such partial exemption provided in § 476-1 shall be a sliding scale system as follows, all of which is done in accordance with the provisions of § 467 of the Real Property Tax Law of the State of New York, and the Assessor is directed to administer this amendment in accordance with the provisions of § 467 of the Real Property Tax Law, as the same may be amended hereafter from time to time.
|
Annual Income
|
Percentage Exempt
|
|---|---|
|
$29,000 and under
|
50%
|
|
$29,001 to $29,999
|
45%
|
|
$30,000 to $30,999
|
40%
|
|
$31,000 to $31,999
|
35%
|
|
$32,000 to $32,899
|
30%
|
|
$32,900 to $33,799
|
25%
|
|
$33,800 to $34,699
|
20%
|
|
$34,700 to $35,599
|
15%
|
|
$35,600 to $36,499
|
10%
|
|
$36,500 to $37,399
|
5%
|
