The purpose of this article is to grant 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 over meeting the requirements set forth
in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age
or over shall be exempt from City taxes to the extent of 50% of the
assessed valuation subject to the following conditions:
A. Income limits.
[Amended 12-6-1974; 3-7-1977; 11-5-1979; 3-21-1988; 2-5-1990; 1-4-1993; 2-6-1995; 2-6-1995; 4-3-1995; 2-26-2002; 10-6-2003; 10-3-2005; 9-2-2008; 11-2-2015; 2-6-2023 by L.L. No. 1-2023]
Income Limit
|
Exemption
|
---|
Up to $35,000
|
50%
|
$35,001 to $36,000
|
45%
|
$36,001 to $37,000
|
40%
|
$37,001 to $38,000
|
35%
|
$38,001 to $38,900
|
30%
|
$38,901 to $39,800
|
25%
|
$39,801 to $40,700
|
20%
|
$40,701 to $41,600
|
15%
|
$41,601 to $42,500
|
10%
|
$42,501 to $43,400
|
5%
|
B. Application for such exemption may be filed with the
Assessor after the appropriate taxable status date, but not later
than the last date on which a petition with respect to complaints
of assessment may be filed, where failure to file a timely application
resulted from: a death of the applicant's spouse, child, parent, brother
or sister; or an illness of the applicant or of the applicant's spouse,
child, parent, brother or sister, which actually prevented the applicant
from filing on a timely basis, as certified by a licensed physician.
The Assessor shall approve or deny such application as if it had been
filed on or before the taxable status date (Real Property Tax Law
§ 467-5a).
[Added 4-1-1996]
C. Any person otherwise qualified shall not be denied
the exemption if he or she becomes 65 years of age after the filing
date (March 1) but on or before December 31 of the same year (Real
Property Tax Law § 467-5).
[Added 3-3-1997]