[Adopted by L.L. No. 1-1987]
The purpose of this article is to grant a partial exemption from taxation to the extent of the scheduled percentage exemption as set forth in § 312-4A of assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or over, meeting the requirements set forth in § 467 of the Real Property Tax Law.
[Amended by L.L. No. 1-1999; L.L. No. 5-1999; 10-7-2008 by L.L. No.
5-2008; 6-19-2012 by L.L. No. 1-2012[1]]
Real property owned by persons 65 years of age
or over or real property owned by husband and wife one of whom is
65 years of age or over shall be exempt from County taxes to the extent
of the scheduled percentage exemption as set forth below in accordance
with § 467 of the Real Property Tax Law and subject to the
following:
A.
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:
|
Annual Income
|
Percentage Assessed Valuation Exempt from
Taxation
| |
|---|---|---|
|
$29,000 or less
|
50%
| |
|
$29,000.01 to $29,999.99
|
45%
| |
|
$30,000 to $30,999.99
|
40%
| |
|
$31,000 to $31,999.99
|
35%
| |
|
$32,000 to $32,899.99
|
30%
| |
|
$32,900 to $33,799.99
|
25%
| |
|
$33,800 to $34,699.99
|
20%
| |
|
$34,700 to $35,599.99
|
15%
| |
|
$35,600 to $36,499.99
|
10%
| |
|
$36,500 to $37,399.99
|
5%
|
B.
"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 was filed, the calendar year.
[1]
Editor’s Note: This local law provided that it would
be effective immediately and apply to taxable status dates occurring
on or after 1-1-2013.
