[Adopted 2-2-1995 by L.L. No. 1-1995]
Real property owned by one or more persons, 65 years of age or over, shall be exempt from taxation by the City of Canandaigua in am amount not to exceed 50% of the assessed value thereof, to be computed and allowed in accordance with § 467 of the Real Property Tax Law of the State of New York.
[Amended 4-3-2008 by L.L. No. 1-2008; 1-2-2024 by L.L. No. 6-2023]
In addition to any other conditions that may be set forth in said § 467, and as the same may be amended from time to time, the exemption shall be granted pursuant to said § 467, providing the income of the owners of the property for the income tax year immediately preceding the date of making application for exemption is less than the sum of $38,900. Income shall be determined in accordance with said § 467. Income shall incorporate the taxable portion of individual retirement account distributions.
[Amended 4-3-2008 by L.L. No. 1-2008; 1-2-2024 by L.L. No. 6-2023]
The above-mentioned exemption shall be granted according to the attached graduated property tax reduction schedule.
Graduated Property Exemption Schedule
Annual Income of Property Owner(s)
Percentage of Assessed Valuation Exempt From Taxation
(percent)
Less than or equal to $30,500
50%
More than $30,500 but less than $31,500
45%
$31,500 or more but less than $32,500
40%
$32,500 or more but less than $33,500
35%
$33,500 or more but less than $34,400
30%
$34,400 or more but less than $35,300
25%
$35,300 or more but less than $36,200
20%
$36,200 or more but less than $37,100
15%
$37,100 or more but less than $38,000
10%
$38,000 or more but less than $38,900
5%
$38,900 or more
0%
Application for exemption under this article and § 467 shall be made pursuant to said section and filed in the City Assessor's office on or before taxable status date, being March 1 of the year.