HomeMy WebLinkAbout1993_3_3_Local_Law_No_3 LOCAL LAW NO. 3-1993
This Local Law shall be known as "Local Law to amend Chapter 74
Senior Citizen Tax Exemptions."
Section 1. Purpose:
The purpose of this local law is to amend the existing provisions for
Senior Citizen Tax Exemptions to bring it into line with the
amendments to the Real Property Tax Law Subsection 467.
Section 2. Amendment:
Section 74-7 (C) shall be amended to read as follows:
The owner or all of the owners of real property located in the Town,
who are sixty-five (65) years of age or older and whose said income
or combined income from all sources for said twelve (12) month period
exceeded the maximum amount set forth in subsection B by less than
four thousand eight hundred ($4,800) dollars shall be able to apply
for a partial exemption as set forth in the following table in which
M stands for maximum incame specified in subsection B.
ANNUAL INCOME
ASSESSED
VALUATION
EXEMPT FROM TAXATION
More than M but less than M
+$600. 45 per centum,
More+$600 or more but less than
M +$1,200. 40 per centum
More+$1,200 or more but less than
M +$1,800. 35 per centum
More+$1,800 or more but less than
M +$2,400. 30 per centuun
More+$2,400 or more but less than
M +$3,000. 25 per centum
More+$3,000 or more but less than
M +$3,600. 20 per centum
More+$3,600 or more but less than
M +$4,200. 15 per centum
More+$4,200 or more but less than
M +$4,800. 10 per centum
Section 3. Effective Date:
This Local Law shall take effect immediately