[Adopted 3-1-1999]
The Town Board of the Town of Olive hereby authorizes real property
owned by persons 65 years or over, real property owned by husband and wife,
one of whom is 65 years of age or over, shall be exempt from town taxes to
the extent of the scheduled percentage exemption as set forth in following
Subsection B in accordance with § 467 of the Real Property Tax Law
and subject to the following:
A.Â
Age requirement must be satisfied by December 31 of the
year in which the application is filed.
B.Â
The income of the owner or the combined income of the
owners of the property for the income tax year immediately preceding the date
of making application for exemption shall be used to compute the percentage
of exemption in accordance with the following schedule:
[Amended 11-13-2001 by L.L. No. 1-2001; 2-7-2006
by L.L. No. 1-2006]
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
| |
|---|---|---|
|
$0 to $24,000.00
|
50%
| |
|
$24,000.01 to $24,999.99
|
45%
| |
|
$25,000.00 to $25,999.99
|
40%
| |
|
$26,000.00 to $26,999.99
|
35%
| |
|
$27,000.00 to $27,899.99
|
30%
| |
|
$27,900.00 to $28,799.99
|
25%
| |
|
$28,800.00 to $29,699.99
|
20%
| |
|
$29,700.00 to $30,599.99
|
15%
| |
|
$30,600.00 to $31,499.00
|
10%
| |
|
$31,500.00 to $32,399.99
|
5%
|
C.Â
"Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal tax return or, if no
such returned was filed, the calendar year.
