(A) The Town Council grants to every person who is a citizen and resident of the town of the age of 65 or more years and residing in the town in a dwelling house owned by him/her, which is a constituent part of his/her real property, on proper claim being made therefor, a tax exemption on the following basis:
(1) An amount not to exceed $47,800 of the assessed valuation of such real property for any such person, regardless of the amount of such person's income;
(2) An amount not to exceed $140,800 of the assessed valuation of such real property for any such person having an annual income of $27,700 or less;
(3) An amount not to exceed $109,900 of the assessed valuation of such real property for any such person having an annual income of $27,701 or more but less than or equal to $32,300;
(4) An amount not to exceed $78,900 of the assessed valuation of such real property for any such person having an annual income of $32,301 or more but less than or equal to $59,200; and
(5) Income levels shall increase yearly based upon the Consumer Price Index, which shall be calculated utilizing the average of: U.S. city average; Northeast Region; and the New England division figures for September of each calendar year.
(B) The Town Council grants to every person who is a citizen and resident of the town of the age of 70 or more years and residing in the town in a dwelling house owned by him/her, which is a constituent part of his/her real property, on proper claim being made therefor, a tax exemption on the following basis:
(1) An amount not to exceed $52,600 of the assessed valuation of such real property for any such person, regardless of the amount of such person's income;
(2) An amount not to exceed $155,100 of the assessed valuation of such real property for any such person having an annual income of less than $27,700;
(3) An amount not to exceed $120,900 of the assessed valuation of such real property for any such person having an annual income of $27,701 or more but less than or equal to $32,300;
(4) An amount not to exceed $86,800 of the assessed valuation of such real property for any such person having an annual income of $32,301 or more but less than or equal to $59,200; and
(5) Income levels shall increase yearly based upon the Consumer Price Index, which shall be calculated utilizing the average of: U.S. city average; Northeast Region; and the New England division figures of September of each calendar year
(C) Hold harmless provision. In the year of implementation of any amendment restructuring the number of income tiers set forth in § 34.02 hereof, the tax assessor shall identify all eligible taxpayers that currently receive an exemption under this chapter and who are negatively impacted by such re-structuring. In the event of a decrease in the amount of the exemption which such taxpayer would otherwise have received but for said restructuring, the tax assessor shall place the taxpayer into the closest income tier that does not result in a loss in the amount of the exemption. Provided that they remain eligible for an exemption under the terms of this chapter and barring any increase in income, such taxpayer(s) shall be entitled to remain in said tier.
(‘73 Code, § 24-2) (Ord. passed 7-7-82; Am. Ord. passed 10-15-90; Am. Ord. passed 8-25-94; Am. Ord. passed 12-7-98; Am. Ord passed 1-19-99; Am. Ord. passed 7-3-03; Am. Ord. 2012-8, passed 8-6-12; Am. Ord. 2015-7, passed 9-8-15; Am. Ord. 2016-6, passed 7-18-16; Am. Ord. 2016-14, passed 9-19-16; Am. Ord. 2019-4, passed 4-15-19; Am. Ord. 2021-11, passed 8-2-21; Am. Ord. 2022-2, passed 1-3-22; Am. Ord. 2023-1, passed 1-3-23)