[Adopted 4-16-1990 (Ch.
124, Art. I, of the 1997 Code)]
The exemption from taxation authorized by § 467 of
the Real Property Tax Law as to real property owned by persons 65
years of age or over is and shall be effective as to real property
located in the Town of Milo.
A.
The terms and conditions of § 467 of the Real Property
Tax Law shall be in effect in the Town of Milo, except for any provision
authorizing the filing of an application for such exemption after
taxable status date and except as otherwise provided herein.
B.
The purpose of this subsection is to permit a person to be entitled
to a real property tax exemption, pursuant to § 467 of the
New York State Real Property Tax Law, by extending the age requirement
of 65 years of age to anytime on or before December 31 of the year
a person is applying for, provided the application is submitted prior
to the taxable status date (March 1).
[Added 1-15-2001 by L.L.
No. 1-2001[1]]
[1]
Editor's Note: This local law also provided that it shall
apply to assessment rolls prepared on the basis of taxable status
date occurring on or after 3-1-2001.
[Amended 11-17-2008 by L.L. No. 4-2008; 2-16-2016 by L.L. No. 2-2016]
A.
The income of the owner or the combined income of the owners for
the income tax year immediately preceding the date of making application
for exemption must fall within the following scale:
|
Valuation Annual Income
|
Percentage Assessed Exempt From Taxation
|
|---|---|
|
$0 to $14,000.00
|
50%
|
|
$14,000.01 to $14,999.99
|
45%
|
|
$15,000.00 to $15,999.99
|
40%
|
|
$16,000.00 to $16,999.99
|
35%
|
|
$17,000.00 to $17,899.99
|
30%
|
|
$17,900.00 to $18,799.99
|
25%
|
|
$18,800.00 to $19,699.99
|
20%
|
|
$19,700.00 to $20,599.99
|
15%
|
|
$20,600.00 to $21,499.99
|
10%
|
|
$21,500.00 to $22,399.99
|
5%
|
|
$22,400.00 or more
|
0%
|
B.
This increase shall be effective with the 2016 assessment roll.
C.
Income tax year. "Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal income tax
return, or if no such return is filed, the calendar year.
D.
Where title is vested in either the husband or wife, their combined
income may not exceed such sum.
E.
Such income shall include social security and retirement benefits,
interest, dividends, net rental income, salary or earnings and net
income from self-employment, but shall not include gifts or inheritances.
