[Amended 1-11-1995 by L.L. No. 1-1995; 7-20-1998 by L.L. No.
7-1998]
All persons who are property owners and are
65 years of age or older and who can prove their annual income does
not exceed the amounts set forth in the table below are hereby entitled
to a percentage exemption of their assessed valuation on real property
owned by them based on their annual income as follows:
Annual Income
|
Percentage of Exemption
|
---|
$18,500 or less
|
50%
|
$18,501 to $19,500
|
45%
|
$19,501 to $20,500
|
40%
|
$20,501 to $21,500
|
35%
|
$21,501 to $22,400
|
30%
|
$22,401 to $23,300
|
25%
|
$23,301 to $24,200
|
20%
|
Over $24,200
|
None
|