PARTIAL TAX EXEMPTION FOR PERSONS SIXTY-FIVE OR OLDER OR PERSONS WITH DISABILITIES
The Board of Education may grant an exemption from taxation to the extent of fifty per centum (50%) of assessed valuation of real property located in the District and owned by:
- Persons sixty-five (65) years of age or over, or by a husband and wife, one of whom is sixty-five (65) years of age or over, or
- Persons who qualify as disabled, or by a husband and wife, one of whom qualifies as disabled, whose income or combined income is no greater than $29,000 for the tax year immediately preceding the application.
However where the income is as follows, the following exemptions expressed as a percent will apply:
Annual Income: $29,001 but less than $30,000:
Percentage Assessed Valuation Exempt from Taxation: 45% exemption
Annual Income: $30,001 but less than $31,000:
Percentage Assessed Valuation Exempt from Taxation: 40% exemption
Annual Income: $31,001 but less than $32,000:
Percentage Assessed Valuation Exempt from Taxation: 35% exemption
Annual Income: $32,001 but less than $32,900:
Percentage Assessed Valuation Exempt from Taxation: 30% exemption
Annual Income: $32,901 but less than $33,800:
Percentage Assessed Valuation Exempt from Taxation: 25% exemption
Annual Income: $33,801 but less than $34,700:
Percentage Assessed Valuation Exempt from Taxation: 20% exemption
Annual Income: $34,701 but less than $35,600:
Percentage Assessed Valuation Exempt from Taxation: 15% exemption
Annual Income: $35,601 but less than $36,500:
Percentage Assessed Valuation Exempt from Taxation: 10% exemption
Annual Income: $36,501 but less than $37,400:
Percentage Assessed Valuation Exempt from Taxation: 5% exemption
The income levels must not exceed the above limits for the income tax year immediately preceding the date of making application for exemptions. Except as otherwise provided in Section 467 of the Real Property Law, where title is vested in either the husband or wife, the combined income may not exceed the above limits.
Ref: Real Property Tax Law § 467
Policy Adopted: January 12, 1971
Amended: February 12, 1973
Amended: February 10, 1975
Amended: July 26, 1982
Amended: June 21, 1999
Amended: December 21, 2015