[Adopted 10-8-1990 by L.L. No. 1-1990;
amended in its entirety 4-12-2004 by L.L. No. 2-2004]
There is hereby granted a partial tax exemption
for residential real property which is owned by certain persons with
limited income who are 65 years of age or over; or in the case of
where said real property is owned by husband and wife, one of whom
is 65 years of age or over, and who meet the requirements set forth
in § 467 of the Real Property Tax Law.
A.Â
To be eligible for this exemption, the income of the
owner, or the combined income of the owners, shall be in accordance
with the following schedule:
|
Annual Income
|
Percentage Exemption
|
|---|---|
|
Less than $15,001
|
50%
|
|
$15,001 but less than $16,000
|
45%
|
|
$16,001 but less than $17,000
|
40%
|
|
$17,001 but less than $18,000
|
35%
|
|
$18,001 but less than $18,900
|
30%
|
|
$18,901 but less than $19,800
|
25%
|
|
$19,801 but less than $20,700
|
20%
|
B.Â
The income schedule set forth above shall be that
for the latest preceding income tax year prior to the date of application.
Where title is vested in either the husband or wife, their combined
income may not exceed such sum.
