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HomeMy WebLinkAboutLL 08 of 2002 Tax Exemption for Seniors.pdfTOWN OF ITHACA LOCAL LAW N0.8 OF THE YEAR 2002 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.1of the year 1971 of the Town of Ithaca as amended by Local Law No.2of the year 1977,Local Law No.5of the year 1980,Local Law No.2 of the year 1982,Local Law No.4of the year 1983,Local Law No.2of the year 1987,Local Law No.4of the year 1990,Local Law No.3of the year 1991,Local Law No.2of the year 1994,Local Law No.2of the year 1995,Local Law No.1of the year 1996,Local Law No.1of the year 1997, and Local Law No.1of the year 1999,and Local Law No.2of the year 2001 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 202 of the Laws of 2002. 2.Pursuant tothe 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 is65 years ofageor over,or real property owned by husband and wife,oneof whom is65 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 owneror 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 ofthesameyear. Suchpartial exemption shallbetotheextentset forth inthe schedule following: ANNUAL INCOME OF OWNER PERCENTAGE ASSESSED OR COMBINED ANNUAL INCOME VALUATION EXEMPT OF OWNERS FROM TAXATION Up to and including $21,500.00 50% More than $21,500.00 but less than $22,500.00 45% $22,500.00 or more but less than $23,500.00 40% $23,500.00 or more but less than $24,500.00 35% TaxExemption forLowIncomePersonsLocalLaw2;JCB Ithaca locallaws,Hal;Abiember 14,20023:37PM $24,500.00 or more but less than $25,400.00 30% $25,400.00 or more but less than $26,300.00 25% $26,300.00 or more but less than $27,200.00 20% $27,200.00 or more but less than $28,100.00 15% $28,100.00 or more but less than $29,000.00 10% $29,000.00 or more but less than $29,900.00 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 ofNew York. This local law shallbeadministered in accordance with said section ofthe Real Property Tax Law as now adopted andasit may be amended from timeto time,and the provisions of said section shall be applicable to the effectuation of the exemption provided for in this local law. 3. Applicationfor suchexemptionmust be madeby theowner,or all of the ownersof the propertyon forms prescribedbytheStateBoard of EqualizationandAssessment of theState of New York (or any successor agency)tobe furnished by the appropriate assessing authority and shall furnish the information andbe executed inthe manner required or prescribed insuchforms,and shall be filed insuch assessor's office on or before the appropriate taxable statusdate. 4. Any conviction of having made any willful false statement ofthe application forsuch exemption shallbe punishable bya fine ofnot more than One Hundred Dollars ($100.00)andshall disqualify the applicant or applicants from further exemption for a period of five (5)years. 5. This local lawshall become effective asset forth below andshall apply to assessment rolls prepared onthe basis of taxable status dates occurring onor 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,tothose 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. Thislocallawshalltakeeffect immediately.