LEGAL NOTICE

Please take notice that the Town of Yates will conduct a Public Hearing on November 13,2014at the Town Hall,8 South Main Street Lyndonville, NY for the purpose of considering for passage of Local Law No. 3 of the year 2014 Entitled Increasing the Maximum Income Eligibility Level for the Senior Citizen Tax Exemption Under Section 467 of the Real Property Tax Law

LOCAL LAW #3 OF 2014 OF THE TOWN OF YATES.

LOCAL LAW INCREASING THE MAXIMUM INCOME ELIGIBILITY LEVEL FOR THE SENIOR CITIZEN TAX EXEMPTION UNDER SECTION 467 OF THE REAL PROPERTY TAX LAW

SECTION 1: STATUTORY AUTHORITY

This local law is adopted pursuant to the provisions of the Municipal Home Rule Law and the Real Property Tax Law of the State of New York.

SECTION 2: TEXT OF LAW

The income eligibility level and the percentage of partial tax exemption previously established pursuant to Real Property Tax Law section 467 for persons sixty-five years of age or older is hereby repealed and there is substituted herefor the following schedule which shall control the income eligibility levels and the percentage of partial exemption to be allowed effective immediately and shall apply to assessment rolls prepared on taxable status dates occurring on and after March 1, 2015; to wit

ANNUAL INCOME PERCENTAGE ASSESSED VALUATION EXEMPT FROM TAXATION

$0-$15,500.00 50%

$15,500.01-$16,499.99 45%

$16,500.00-$17,499.99 40%

$17,500.00-$18,499.99 35%

$18,500.00-$19,399.99 30%

$19,400.00-$20,299.99 25%

$20,300.00-$21,199.99 20%

$21,200 and over NONE

SECTION3; REPEALER

Any other prior inconsistent local law, ordinance or resolution adopted pursuant to Real Property Tax Law section 467 is hereby repealed.

SECTION4; EFFECTIVE DATE

This Local Law shall take effect immediately upon filing with the Department of State and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on and after March 1,2015