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Committee reviews senior exemption options and possible cost to county levy
Summary
Staff presented analysis of raising income thresholds and expanding sliding-scale senior property tax exemptions; estimates range from modest increases to more than $1 million if all eligible parcels received a 50% reduction.
County staff presented an analysis of the senior property tax exemption options and the estimated fiscal impact on the county levy if thresholds were raised.
The presenter summarized state-provided eligibility data for residents age 65 and older and described local options for the exemption. He said New York State allows counties to raise the senior income limit and to offer sliding-scale reductions up to a 50% assessment exemption. "The state now allows you to raise the senior income limit for the senior exemption...to $50,000 or less for a 50% reduction in your…
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