[Adopted 3-16-1998 by L.L. No. 2-1998]
Pursuant to § 459-c of the Real Property Tax Law,
real property owned by one or more persons with disabilities and whose
income is limited by reason of such disability may be partially exempt
from Village of Suffern real property taxes. Such partial exemption
shall be subject to the income limits established by § 459-c
of the Real Property Tax Law.
A.
The persons who meet the eligibility requirements as set forth in
§ 459-c of the Real Property Tax Law are entitled to the
partial tax exemption as set forth below.
B.
Title to that portion of real property owned by a cooperative apartment
corporation in which a tenant-stockholder of such corporation resides,
and which is represented by his share or shares of stock in such corporation
as determined by its or their proportional relationship to the total
outstanding stock of the corporation, including that owned by the
corporation, shall be deemed to be vested in such tenant-stockholder.
That proportion of the assessment of such real property owned by a
cooperative apartment corporation determined by the relationship of
such real property vested in such tenant-stockholder to such entire
parcel and the buildings thereon owned by such cooperative apartment
corporation in which such tenant-stockholder resides shall be subject
to exemption from taxation pursuant to this article and any exemption
so granted shall be credited by the appropriate taxing authority against
the assessed valuation of such real property; the reduction in real
property taxes realized thereby shall be credited by the cooperative
apartment corporation against the amount of such taxes otherwise payable
by or chargeable to such tenant-stockholder.
[Amended 1-16-2001 by L.L. No. 2-2001; 11-18-2002 by L.L. No.
9-2002]
Pursuant to § 459-c of the Real Property Tax Law,
the percentage of the assessed valuation which is exempt from taxation
will be determined on the basis of income in accordance with the following
graduated schedule:
|
Maximum Income Exemption Eligibility
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
Not more than $21,500
|
50%
|
|
$21,500 or more but less than $22,500
|
45%
|
|
$22,500 or more but less than $23,500
|
40%
|
|
$23,500 or more but less than $24,500
|
35%
|
|
$24,500 or more but less than $25,400
|
30%
|
|
$25,400 or more but less than $26,300
|
25%
|
|
$26,300 or more but less than $27,200
|
20%
|
|
$27,200 or more but less than $28,100
|
15%
|
|
$28,100 or more but less than $29,000
|
10%
|
|
$29,000 or more but less than $29,900
|
5%
|
