[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:
A.
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.
B.
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]
C.
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.
D.
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.
