This article shall be known as "A Local Law
Establishing Income Levels for Real Property Tax Exemptions for Senior
Citizens."
This article is enacted pursuant to the requirements
set forth in the New York State Real Property Tax Law § 467
to establish real property tax income levels for senior citizens.
[Amended 6-15-2023 by L.L. No. 5-2023]
The Town of Chatham hereby adopts the following sliding scale
schedule relative to income levels and the percentage of assessed
valuation exempt from taxation:
Annual Income
|
% of Exemption
|
---|
$34,000 and under
|
50
|
$34,000.01-34,999.99
|
45
|
$35,000-35,999.99
|
40
|
$36,000-36,999.99
|
35
|
$37,000-37,899.99
|
30
|
$37,900-38,799.99
|
25
|
$38,800-39,699.99
|
20
|
$39,700-40,599.99
|
15
|
$40,600-41,499.99
|
10
|
$41,500-42,399.99
|
5
|