[Adopted 8-8-1974 as Ch. 59, Art. I, of the 1974 Code]
The purpose of this article is to grant a partial exemption from taxation to the extent of 50% of the assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or over and who meet the requirements set forth in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age or over shall be exempt from Town taxes to the extent of 50% of the assessed valuation, subject to the following conditions:
A. 
The owner or all of the owners must file an application annually in the Assessor's office at least 90 days before the day for filing the final assessment roll or such other time as may be hereafter fixed by law.
B. 
The income of the owner or the combined income of the owners must not exceed $43,399.99 for the income tax year immediately preceding the date the application was filed. "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. Where title is vested in either the husband or the wife, their combined income may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of the capital assets, which may be offset by a loss from the sale or exchange of a capital asset, in the same income tax year, net income from rental, salary or earnings, and net income from self-employment, but shall not include a return of capital, gifts or inheritances. In computing net rental income and net income from self-employment, no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income. However, if the income of an eligible property owner or the combined income of the owners of the property is not greater than $43,399.99, then said owner shall be entitled to a partial exemption pursuant to the following schedule:
Annual Income
Percentage of Assessed Valuation Exempt from Taxation
$35,000 or less
50%
$35,000 to $35,999
45%
$36,000 to $36,999
40%
$37,000 to $37,999
35%
$38,000 to $38,899
30%
$38,900 to $39,799
25%
$39,800 to $40,699
20%
$40,700 to $41,599
15%
$41,600 to $42,499
10%
$42,500 to $43,399
5%
$43,400 or more
0%
C. 
Title to the property must be vested in the owner or, if more than one, in one of the owners, for at least 12 consecutive months prior to the date that the application is filed.
[Amended 3-27-1975 by L.L. No. 3-1975; 6-14-2001 by L.L. No. 3-2001]
D. 
The property must be used exclusively for residential purposes, be occupied in whole or in part by the owners and constitute the legal residence of the owners.