[Adopted 1-18-1967]
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 meeting the following requirements
set forth in § 467 of the Real Property Tax Law.
[Amended 3-17-1971; 5-2-1973; 6-27-1973; 9-14-1977; 1-9-1980; 1-21-1981; 2-15-1984 by resolution; 3-25-1987 by resolution; 3-28-1990 by resolution; 7-22-1992 by L.L. No. 1-1992]
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.
Application for such exemption must be made by the
owner or all of the owners of the property on forms prescribed by
the State Board, to be furnished by the Town Assessor's office, and
shall furnish the information and be executed in the manner required
or prescribed in such forms and shall be filed in such Assessor's
office on or before the appropriate taxable status date.
B.
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 not exceed the
sum as provided below:
[Amended 5-14-2003 by L.L. No. 4-2003[1]]
|
Income
|
Reduction
|
|---|---|
|
Up to $21,500
|
50%
|
|
More than $21,500 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%
|
[1]
Editor's Note: This local law provided that
it would apply to assessment rolls prepared on taxable status dates
after 1-1-2004.
C.
Title of the property shall have been vested in the
owner or one of the owners of the property for at least 12 consecutive
months prior to making application for exemption.
[Amended 5-14-2003 by L.L. No. 4-2003]
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.
E.
No exemption shall be granted unless the property
is used exclusively for residential purposes; provided, however, that
in the event that any portion of such property is not so used exclusively
for residential purposes but is used for other purposes, such portion
shall be subject to taxation, and the remaining portion only shall
be entitled to the exemption established by this section.
F.
Any senior citizen who becomes 65 years of age after
June 1 (the taxable status date) and on or before the 31st day of
December of that taxable year shall be deemed to have been 65 years
of age on June 1 (the taxable status date) for the purpose of determining
age exemption eligibility.
