[Adopted 3-6-1978 by L.L. No. 2-1978]
The purpose of this article is to grant 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 over meeting the requirements set forth in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age or over shall be exempt from Village taxes to the extent of 50% of the assessed valuation, subject to the following conditions:
The owner or all of the owners must file an application annually in the Assessor's office at least 90 days before the day for filing the final assessment roll or such other time as may be hereafter fixed by law.
The income of the owner or the combined income of the owners must not exceed $8,000 for the 12 consecutive months prior to the date that the application is filed. Where title is vested in either the husband or wife, the combined income may not exceed such sum.
[Amended 7-10-1990 by L.L. No. 2-1990]
Title to the property must be vested in the owner or, if more than one, in all the owners for at least 24 consecutive months prior to the date that the application is filed.
The property must be used exclusively for residential purposes, must be occupied, in whole or in part, by the owners and must constitute the legal residence of the owners.