§ 25-2. Real property exemption granted.

A. 

Real property in the Town owned by one or more persons with disabilities, or real property owned by a husband, wife, or both, or by siblings, at least one of whom has a disability, and whose income, as hereinafter defined, is limited by reasons of such disability shall be exempt from taxation by the Town to the extent of the following percentage of the assessed valuation thereof:

	Annual Income	Percent of Exemption
	Up to and including $26,000	50%
	More than $26,000, but less than $27,000	45%
	More than $27,000, but less than $28,000	40%
	More than $28,000, but less than $29,000	35%
	More than $29,000, but less than $29,900	30%
	More than $29,900, but less than $30,800	25%
	More than $30,800, but less than $31,700	20%
	More than $31,700, but less than $32,600	15%
	More than $32,600, but less than $33,500	10%
	More than $33,500, but less than $34,400	5%

B. 

Each of the dollar amounts in the above table reflect income limits that are effective as of July 1, 2006, except that each of the dollar amounts in the above table shall be increased insofar as to increase cumulatively the said income limits as follows: effective July 1, 2007, each of the dollar amounts shall be raised by the sum of $1,000; effective July 1, 2008, each of the dollar amounts shall be raised by the additional sum of $1,000; effective July 1, 2009, each of the dollar amounts shall be raised by the additional sum of $1,000.

Amended last 10-3-2006 by L.L. No. 86-2006, effective 10-12-2006