[Adopted 6-11-2001 by L.L. No. 3-2001]
[Amended 4-4-2005 by L.L. No. 2-2005; 12-1-2008 by L.L. No.
5-2008; 2-22-2023 by L.L. No. 3-2023]
A.
To be eligible for exemption authorized by such § 459-c
and implemented by this article, the maximum income of such person
shall not exceed $37,000. Any such person having a higher income shall
be eligible for exemption in accordance with the following schedule:
|
Annual Income
|
Percentage Assessed Valuation Exempt from Taxation
|
|---|---|
|
More than $0 but less than $37,000
|
50%
|
|
$37,000 or more but less than $38,000
|
45%
|
|
$38,000 or more but less than $39,000
|
40%
|
|
$39,000 or more but less than $40,000
|
35%
|
|
$40,000 or more but less than $40,900
|
30%
|
|
$40,900 or more but less than $41,800
|
25%
|
|
$41,800 or more but less than $42,700
|
20%
|
|
$42,700 or more but less than $43,600
|
15%
|
|
$43,600 or more but less than $44,500
|
10%
|
|
$44,500 or more but less than $45,400
|
5%
|
B.
This schedule shall take effect with the July 1, 2023, tax rolls.
As used in this article, the following terms
shall have the meanings indicated:
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.
