[Adopted 1-22-1990; amended in its entirety 3-10-2004 by L.L. No. 3-2004]
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 older meeting the requirements set forth in § 467 of the Real Property Tax Law is hereby granted.
[Amended 2-14-2007 by L.L. No. 1-2007; 2-13-2008 by L.L. No. 2-2008]
A. 
An exemption shall be granted on 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 and will be made according to the following schedule:
Annual Income
Percentage of Assessed Valuation Exempt From Taxation
Less than $27,000
50%
$27,000 to $28,000
45%
$28,000 to $29,000
40%
$29,000 to $30,000
35%
$30,000 to $30,900
30%
$30,900 to $31,800
25%
$31,800 to $32,700
20%
$32,700 to $33,600
15%
$33,600 to $34,400
10%
$34,500 to $35,400
5%
B. 
The eligible income levels will then increase $1,000 annually through 2009, such that in 2009 there will be a fifty-percent exemption for incomes up to $29,000 and a graduated reduction in exemption for incomes more than $29,000, but less than $37,400.
Notwithstanding any other provision of law, any person otherwise qualifying under this article shall not be denied the exemption under this article if he becomes 65 years of age after the taxable status date and before December 31 of the same year.