Real property owned by a person with disabilities whose income
is limited by such disabilities, and used as the legal residence of
such person, shall be entitled to a partial exemption from taxation
to the extent of 50% of assessed valuation.
A.
The maximum income allowed to qualify for the base exemption (50%
of assessed value) is set at $28,000 for the 2009 assessment roll
which impacts the Village fiscal year beginning on June 1, 2010, and
at $29,000 for the 2010 assessment roll which impacts the Village
fiscal year beginning on June 1, 2011, as follows:
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
| |
|---|---|---|
|
$28,000 and under
|
50%
| |
|
Greater than $28,000 to less than $29,000
|
45%
| |
|
$29,000 to less than $30,000
|
40%
| |
|
$30,000 to less than $31,000
|
35%
| |
|
$31,000 to less than $31,900
|
30%
| |
|
$31,900 to less than $32,800
|
25%
| |
|
$32,800 to less than $33,700
|
20%
| |
|
$33,700 to less than $34,600
|
15%
| |
|
$34,600 to less than $35,500
|
10%
| |
|
$35,500 to less than $36,400
|
5%
| |
|
$36,400 and over
|
No exemption
|
B.
Assessment roll for 2010. Village fiscal year beginning June 1, 2011,
and for each following year unless revised:
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
| |
|---|---|---|
|
$29,000 and under
|
50%
| |
|
Greater than $29,000 to less than $30,000
|
45%
| |
|
$30,000 to less than $31,000
|
40%
| |
|
$31,000 to less than $32,000
|
35%
| |
|
$32,000 to less than $32,900
|
30%
| |
|
$32,900 to less than $33,800
|
25%
| |
|
$33,800 to less than $34,700
|
20%
| |
|
$34,700 to less than $35,600
|
15%
| |
|
$35,600 to less than $36,500
|
10%
| |
|
$36,500 to less than $37,400
|
5%
| |
|
$37,400 and over
|
No exemption
|
