[Adopted 3-7-1967 by Ord. No. 69]
A. 
Pursuant to the provisions of § 467 of the Real Property Tax Law of the State of New York, the Town of Malta may grant partial exemption to the extent of 50% of the assessed valuation of real property owned by one or more persons, each of whom is 65 years of age or over, or owned by husband and wife, one of whom is 65 years of age or over, provided that the income or the combined income of the owners of the property for exemption shall not exceed $18,500.
[Amended 10-3-1994; 2-24-1997]
B. 
Real property owned by persons 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:
(1) 
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.
(2) 
Where title is vested in either the husband or wife, the combined income  may not exceed such sum.
[Amended 5-1-1995 by L.L. No. 2-1995]
(3) 
Title to the property must be vested in the owner or, if more than one, in all the owners for at least 60 consecutive months prior to the date that the application is filed.
[Amended 12-2-1980; 3-2-1986; 4-3-1990; 10-3-1994; 2-24-1997; 8-28-2023 by L.L. No. 4-2023]
Pursuant to the provisions of § 467 of the Real Property Tax Law of the State of New York, the Town of Malta may grant further partial exemptions on a decreasing basis in accordance with the following schedule:
Annual Income
Percentage Exempted
Up to $30,000
50%
$30,000.01 to $30,999.99
45%
$31,000 to $31,999,99
40%
$32,000 to $32,999.99
35%
$33,000 to $33,899.99
30%
$33,900 to $34,799.99
25%
$34,800 to $35,699.99
20%
$35,700 to $36,599.99
15%
$36,600 to $37,499.99
10%
$37,500 to $38,399.99
5%
[Added 4-7-1997]
Pursuant to the provisions of § 467 of the New York State Real Property Tax Law, the Town of Malta hereby adopts the option to allow the exclusion of medical and prescription drug expenses which were actually paid or were not reimbursed or paid by insurance from the definition of income for the purposes of the senior citizens exemption.
[Added 2-7-2000; amended 3-5-2001]
Pursuant to the provisions of § 467 of the New York State Real Property Tax Law, the Town of Malta hereby adopts the option which provides that any person otherwise qualifying under § 467 of the New York State Real Property Tax Law shall not be denied the exemption provided for therein if he becomes 65 years of age after the appropriate taxable status date and on or before December 31 of the same year.