[Adopted 11-15-1966]
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. 
[1]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]; 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%
[1]
Editor's Note: Former Subsection a, regarding the annual deadline for filing for the exemption, which subsection originally preceded this subsection, and former Subsections c and d, regarding the title to and use of exempt property, which subsections immediately followed this subsection, were deleted 10-5-1998 by L.L. No. 32-1998. See now § 467 of the Real Property Tax Law.
[2]
Editor's Note: This ordinance provided that it shall apply to City assessment rolls prepared on the basis of taxable status dates occurring on and after 3-1-2016.
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]