HomeMy WebLinkAboutLL 01 of 1997 Tax Exemption for SeniorsI
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TOWN OF ITHACA
LOCAL LAW NO.1 OF THE YEAR 1997
A LOCAL LAW mCREASING 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
amendedby Local Law No. 2 of the year 1977,LocalLaw No. 5 of the year 1980,LocalLaw
No. 2 of the year 1982,LocalLaw No.4 of the year 1983,LocalLaw No.2 of the year 1987,
Local Law No. 4 of the year 1990,LocalLaw No. 3 of the year 1991,LocalLaw No. 2 of the
year 1994,LocalLawNo.2 oftheyear 1995,andLocalLawNo. 1oftheyear 1996,are hereby
further amended to read as follows:
1. This law is enacted pursuantto Section 467 of the Real PropertyTax Law of the State
of New York as amended through Chapter 571 of the Laws of 1996.
2. Pursuant to the provisionsof Section467 of the Real PropertyTax Law of the State
of New York, real propertylocatedin theTown ofIthaca,ownedby oneor 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
applicabletaxes specifiedin said Section467 based upon the income of the owner or combined
incomes of the owners. A person otherwise qualifyingfor such exemptionshall not be denied
such exemption if such person becomessixty-five(65)years of age afterthe 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 $18,500.00 • 50%
More than $18,500.00
but less than $19,500.00 45%
$19,500.00 or more but
less than $20,500.00 40%
$20,500.00 or more but
less than $21,500.00 35%
$21,500.00 or more but
less than $22,400.00 30%
Taxexemp.97,wpSlVthVocaUmv,January 30,199710:52am
$22,400.00 or more but
less than $23,300.00 25%
$23,300.00 or more but
less than $24,200.00 20%
$24,200.00 or more but
less than $25,100.00 15%
$25,100.00 or more but
less than $26,000.00 10%
$26,000.00 or more but
less than $26,900.00 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 TaxLawof the State of New York.Thislocallawshallbe administered
in accordancewith said sectionof the Real PropertyTax 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,orallof 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 furnishthe information and be executed in the manner required or prescribed in such
forms,andshallbefiledin suchassessor'sofficeonorbeforethe appropriate taxablestatusdate.
4.Any conviction of having made any willful false statement ofthe application for such
exemption shil be punishable by a fine of not more than One Hundred Dollars ($100.00)and
shall disqualify the applicant or applicants from further exemption fora 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 1,1997.With
respect to assessment rolls prepared onthe basis of taxable status dates priorto March 1,1997,
the partial exemption allowed hereunder shallbelimitedto qualified properties,to those persons
otherwise qualified under,andto the amounts permitted by.Local Law No.1 of theyear 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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