[Adopted 2-11-1998 by L.L. No. 1-1998; last amended 1-10-2007 by L.L. No. 2-2007(Ch.
185, Art. V, of the 1995 Code)]
This article is adopted pursuant to the authority of Real Property
Tax Law, § 459-c. All definitions, terms and conditions
of such statute shall apply to this article.
A.
Real property owned by a person with disabilities whose income is
limited by such disabilities, and used as the legal residence of such
person, shall be entitled to a partial exemption from taxation to
the extent of 50% of assessed valuation.
B.
The maximum income allowed to qualify for the base exemption (50%
of assessed value) is set at $29,000 beginning July 1, 2009, with
corresponding increases in the sliding scale:[1]
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
$29,000 and under
|
50%
|
|
Greater than $29,000 to less than $30,000
|
45%
|
|
$30,000 to less than $31,000
|
40%
|
|
$31,000 to less than $32,000
|
35%
|
|
$32,000 to less than $32,900
|
30%
|
|
$32,900 to less than $33,800
|
25%
|
|
$33,800 to less than $34,700
|
20%
|
|
$34,700 to less than $35,600
|
15%
|
|
$35,600 to less than $36,500
|
10%
|
|
$36,500 to less than $37,400
|
5%
|
|
$37,400 and over
|
No exemption
|
