§ 467. Persons sixty-five years of age or over. 1. (a) Real property\nowned by one or more persons, each of whom is sixty-five years of age or\nover, or real property owned by a married couple or by siblings, one of\nwhom is sixty-five years of age or over, or real property owned by one\nor more persons, some of whom qualify under this section and the others\nof whom qualify under section four hundred fifty-nine-c of this title,\nshall be exempt from payments in lieu of taxes (PILOT) to the battery\npark city authority or from taxation by any municipal corporation in\nwhich located to the extent of fifty per centum of the assessed\nvaluation thereof, provided the governing board of such municipality,\nafter public hearing, adopts a local law, ordinance or resolution\nproviding therefor. For the purposes of this section, the term "sibling"\nshall include persons whose relationship as siblings has been\nestablished through either half blood, whole blood or adoption.\n (b) (1) Any local law, ordinance or resolution adopted pursuant to\nparagraph (a) of this subdivision may be amended, or a local law,\nordinance or resolution may be adopted, to provide an exemption so as to\nincrease the maximum income eligibility level of such municipal\ncorporation as provided in subdivision three of this section\n(represented in the hereinbelow schedule as M), to the extent provided\nin the following schedule:\n ANNUAL INCOME PERCENTAGE ASSESSED VALUATION\n EXEMPT FROM TAXATION OR PILOT\nMore than (M) but\n less than (M+ $1,000) 45 per centum\n(M+ $1,000 or more) but\n less than (M+ $2,000) 40 per centum\n(M+ $2,000 or more) but\n less than (M+ $3,000) 35 per centum\n(M+ $3,000 or more) but\n less than (M+ $3,900) 30 per centum\n(M+ $3,900 or more) but\n less than (M+ $4,800) 25 per centum\n(M+ $4,800 or more) but\n less than (M+ $5,700) 20 per centum\n (2) Any local law, ordinance or resolution adopted pursuant to\nsubparagraph one of this paragraph may be amended, or a local law,\nordinance or resolution may be adopted, to provide an exemption so as to\nincrease the maximum income eligibility level of such municipal\ncorporation as provided in subdivision three of this section\n(represented in the hereinbelow schedule as M), and as increased as\nprovided for in such subparagraph one to the extent provided in the\nfollowing schedule:\n ANNUAL INCOME PERCENTAGE ASSESSED VALUATION\n EXEMPT FROM TAXATION OR PILOT\n(M+ $5,700 or more) but\n less than (M+ $6,600) 15 per centum\n(M+ $6,600 or more) but\n less than (M+ $7,500) 10 per centum\n (3) Any local law, ordinance or resolution adopted pursuant to\nsubparagraphs one and two of this paragraph may be amended, or a local\nlaw, ordinance or resolution may be adopted, to provide an exemption so\nas to increase the maximum income eligibility level of such municipal\ncorporation as provided in subdivision three of this section\n(represented in the hereinbelow schedule as M), and as increased as\nprovided for in such subparagraph one to the extent provided in the\nfollowing schedule:\n ANNUAL INCOME PERCENTAGE ASSESSED VALUATION\n EXEMPT FROM TAXATION OR PILOT\n(M+ $7,500 or more)\n but less than (M+ $8,400) 5 per centum\n (4) Notwithstanding the maximum exemption percentage permitted\npursuant to paragraph (a) of this subdivision, any local law, ordinance\nor resolution adopted pursuant to this section may be amended, or a\nlocal law, ordinance or resolution may be adopted, to create additional\nannual income categories and corresponding exemption
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