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.