Loading...
HomeMy WebLinkAboutLL 01 of 1996 Senior Tax ExemptionTaxexemp.96, wpSIMthMocaUaw, February 15, 1996 2:23pm $20,500.00 or more but less than $21,400.00 30% $21,400.00 or more but less than $22,300.00 25% $22,300.00 or more but less than $23,200.00 20% $23,200.00 or more but less than $24,100.00 15% $24,100.00 or more but less than $25,000.00 10% $25,000.00 or more but less than $25,900.00 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 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 shsdl 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, 1996. With respect to assessment rolls prepared on the basis of taxable status dates prior to March 1, 1996, 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 , \ } TOWN OF ITHACA LOCAL LAW NO. 1 OF THE YEAR 1996 A LOCAL LAW INCREASING 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 ±e 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, and Local Law No. 2 of the year 1995, 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 410 of the Laws of 1995. 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 PERCENTAGE ASSESSED OR COMBINED ANNUAL INCOME VALUATION EXEMPT OF OWNERS FROM TAXATION Up to and including $17,500.00 50% More than $17,500.00 but less than $18,500.00 45% $18,500.00 or more but less than $19,500.00 40% $19,500.00 or more but less than $20,500.00 35% Taxexemp.96, \vp51\ith\locallaw, February 15, 1996 2:23pm 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.