[Adopted 7-14-2003 by L.L. No. 1-2003]
Real property owned by one or more persons, each of whom is
65 years of age or over, or real property owned by a husband and wife,
one of whom is 65 years of age or over, shall be exempt from taxation
by the County of Sullivan to the extent of 50% of the assessed value
thereof or such lesser per centum of assessed value thereof for persons
whose maximum income eligibility is increased in accordance with the
provisions of Paragraph (b) of Subdivision (1) of § 467
of the Real Property Tax Law.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The maximum income eligibility determined in accordance with
Subdivision 3 of § 467 of the Real Property Tax Law shall
be $20,500, and shall entitle the owners to a 50% exemption. Any such
income shall be offset by all medical and prescription drug expenses
actually paid which were not reimbursed or paid for by insurance.
Such income shall not include veterans disability compensation, as
defined in Title 38 of the United States Code. In computing net rental
income and net income from self-employment, no depreciation deduction
shall be allowed for the exhaustion, wear and tear of real or personal
property held for the production of income.
|
Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
Less than $20,500
|
50%
|
|
Greater than $20,501 but less than $21,500
|
45%
|
|
Greater than $21,501 but less than $22,500
|
40%
|
|
Greater than $22,501 but less than $23,500
|
35%
|
|
Greater than $23,501 but less than $24,400
|
30%
|
|
Greater than $24,401 but less than $25,300
|
25%
|
|
Greater than $25,301 but less than $26,200
|
20%
|
|
Greater than $26,201 but less than $27,100
|
15%
|
|
Greater than $27,101 but less than $28,000
|
10%
|
|
Greater than $28,001 but less than $28,900
|
5%
|
No exemption shall be allowed except in accordance with the
provisions of § 467 of the Real Property Tax Law for real
property which qualifies by use and ownership upon an application
submitted in the manner provided by such section.
[Added at time of adoption of Code (see Ch. 1, General Provisions,
Art. I)]
Notwithstanding the provisions of Subdivisions 5 and 6 of § 467
of the Real Property Tax Law, the Town Board hereby authorizes the
Assessor to accept applications for renewal of exemptions pursuant
to this article after the taxable status date. In the event the owner,
or all of the owners, of property which has received an exemption
pursuant to this article on the preceding assessment roll fails to
file the application required pursuant to this article on or before
the taxable status date, such owner or owners may file the application,
executed as if such application had been filed on or before the taxable
status date, with the Assessor on or before the date for the hearing
of complaints.
