HomeMy WebLinkAboutLL 01 of 2004 Increasing Income Limitations Seniors.pdfTOWN OF ITHACA
LOCAL LAW NO. 1 OF THE YEAR 2004
A LOCAL LAW INCREASING THE INCOME LIMITATIONS FOR THE
PARTIAL TAX EXEMPTION FOR REAL
PROPERTY OWNED BY PERSONS WITH LIMITED INCOMES
WHO ARE 65 YEARS OF AGE OR OVER
Be it enacted by the Town Board of the Town of Ithaca as follows:
SECTION 1. The provisions of Local Law No. 1 of the year 1971 of the Town of Ithaca as
amended by Local Law No. 2 of the year 1977, Local Law No. 5 of the year 1980, Local Law No. 2
of the year, 1982, Local Law No. 4 of the year 1983, Local Law No. 2 of the year 1987, Local Law
No. 4 of the year 1990, Local Law No. 3 of the year 1991, Local Law No. 2 of the year 1994, Local
Law No. 2 of the year 1995, Local Law No. 1 of the year 1996, Local Law No. 1 of the year 1997,
and Local Law No. 1 of the year 1999, Local Law No. 2 of the year 2001, and Local Law No. 8 of
the year 2002, are hereby further amended to read as follows:
1. This law is enacted pursuant to Section 467 of the Real Property Tax Law of the State of
New York as amended through Chapter 512 of the Laws of 2003.
2. Pursuant to the provisions of Section 467 of the Real Property Tax Law of the State of
New York, real property located in the Town of Ithaca, 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 partially exempt from taxation by said Town for the applicable taxes
specified in said Section 467 based upon the income of the owner or combined incomes of the
owners. A person otherwise qualifying for such exemption shall not be denied such exemption if
such person becomes sixty-five (65) years of age after the appropriate taxable status date and before
December 31 of the same year. Such partial exemption shall be to the extent set forth in the schedule
following:
ANNUAL INCOME OF OWNER
OR COMBINED ANNUAL INCOME
OF OWNERS
Up to and including $24,000.00
More than $24,000.00
but less than $25,000.00
$25,000.00 or more but
less than $26,000.00
$26,000.00 or more but
less than $27,000.00
$27,000.00 or more but
PERCENTAGE ASSESSED
VALUATION EXEMPT
FROM TAXATION
f9
45%
35%
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less than $27,900.00 30%
$27,900.00 or more but
less than $28,800.00 25%
$28,800.00 or more but
less than $29,700.00 20%
$29,700.00 or more but
less than $30,600.00 15%
$30,600.00 or more but
less than $31,500.00 10%
$31,500.00 or more but
less than $32,400.00 5%
This partial exemption provided by this law shall, however, be limited to such property and persons
as meet the conditions, qualification, exclusions and limitations set forth in Section 467 of the Real
Property Tax Law of the State of New York. This local law shall be administered in accordance with
said section of the Real Property Tax Law as now adopted and as it may be amended from time to
time, and the provisions of said section shall be applicable to the effectuation of the exemption
provided for in this local law.
3. Application for such exemption must be made by the owner, or all of the owners of the
property on forms prescribed by the State Board of Equalization and Assessment of the State of New
York (or any successor agency) to be furnished by the appropriate assessing authority and shall
furnish the information and be executed in the manner required or prescribed in such forms, and shall
be filed in such assessor's office on or before the appropriate taxable status date.
4. Any conviction of having made any willful false statement of the application for such
exemption shall be punishable by a fine of not more than One Hundred Dollars ($100.00) and shall
disqualify the applicant or applicants from further exemption for a period of five (5) years.
. 5. This local law shall become effective as set forth below and shall apply to assessment rolls
prepared on the basis of taxable status dates occurring on or after March 1, 2003. With respect to
assessment rolls prepared on the basis of taxable status dates prior to March 1, 2003, the partial
exemption allowed hereunder shall be limited to qualified properties, to those persons otherwise
qualified under, and to the amounts permitted by, Local Law No. 1 of the year 1971 and its
amendments as in effect from time to time prior to the effective date of this local law.
SECTION 2. This local law shall take effect immediately.
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