[Adopted 4-29-1983]
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
meeting the requirements set forth in § 467 of the Real
Property Tax Law.
Real property owned by one or more persons,
each of whom is 65 years of age or over, or real property owned by
husband and wife, one of whom is 65 years of age or over, shall be
exempt from Town taxes to the extent of 50% of the assessed valuation
subject to the following conditions:
A.
The owner or all the owners must file an application
for such exemption on forms prescribed by the State Board of Real
Property Services furnishing the information and being executed in
the manner required or prescribed in such forms, and said forms shall
be filed in the Assessor's office on or before the appropriate taxable
status date.
B.
The income of the owner or the combined income of
the owners must not exceed $12,025 for the 12 consecutive months prior
to the date that the application is filed.
[Amended 1-4-1989]
C.
Title to the property must be vested in the owner
or, if more than one, in all the owners for at least 12 consecutive
months prior to the date that the application is filed. Notwithstanding
any other provision of law, where a residence is sold and replaced
with another within one year and both residences are within the state,
the period of ownership of both properties shall be deemed consecutive
for purposes of the exemption from taxation by a municipality within
the state granting such exemption.
[Amended 12-3-2003 by L.L. No. 6-2003]
D.
The property must be used exclusively for residential
purposes, be occupied in whole or in part by the owners, and constitute
the legal residence of the owners.
