[Adopted 11-10-1977 by L.L. No. 3-1977 (Ch. 88, Art. I, of
the 1979 Code)]
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.
[Amended 1-22-1981 by L.L. No. 1-1981; 3-11-1982; 11-13-1986; 6-4-1987 by L.L. No.
3-1987; 1-12-1989 by L.L. No. 1-1989; 12-28-1989 by L.L. No.
10-1989; 3-14-1991 by L.L. No. 2-1991; 3-12-2009 by L.L. No.
2-2009; 11-9-2010 by L.L. No. 2-2010; 12-8-2022 by L.L. No. 3-2022]
A.
Real property owned by one or more persons, each of whom is 65 years
of age or older, or real property owned by husband and wife, one of
whom is 65 years of age or over, shall be exempt from taxation pursuant
to the terms and conditions of § 467 of the Real Property
Tax Law in accordance with the following schedule:[1]
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
$35,000 or less
|
50%
|
|
$35,000 to $35,999
|
45%
|
|
$36,000 to $36,999
|
40%
|
|
$37,000 to $37,999
|
35%
|
|
$38,000 to $38,899
|
30%
|
|
$38,900 to $39,799
|
25%
|
|
$39,800 to $40,699
|
20%
|
|
$40,700 to $41,599
|
15%
|
|
$41,600 to $42,499
|
10%
|
|
$42,500 to $43,399
|
5%
|
|
Greater than $43,400
|
No exemption
|
B.
Any person otherwise qualifying for a partial exemption from taxation
under § 467 of the Real Property Tax Law and this article
shall not be denied an exemption under that section if he or she becomes
65 years of age after the appropriate taxable status date and before
December 31 of the same year.
[Added 6-4-1987 by L.L. No. 3-1987]
Application shall be made as provided in § 467 of
the Real Property Tax Law.
