Indian Lake During the Indian Lake Town Board’s Monday, Dec. 10 meeting, Indian Lake Assessor Meade Hutchins said that a schedule of aged exemption limits outlined in a local law providing a partial tax exemption of real property taxes for legally resident owners over 65 have not changed since March 1, 2005.
The current exemption schedule starts with incomes of $16,749.99 or less qualifying for a 50 percent with exemption magnitudes decreasing in 5 percent increments with associated increasing ranges of income to a level of $25,149.99 above which there is no longer an allowable exemption. This schedule currently results in 0.14 percent of the town’s taxable real property value being exempt from taxation.
Given the many changes in the economy since 2005, two alternative schedules were presented by Hutchins. Each raised the income levels allowable for various exemption percentages, with the first alternative being more conservative than the second. In theory, this should make taxation exemption more available to those in need, but in practice there is no way to know the overall effect on the town’s revenue base until an adopted schedule is legally put in place.
The first alternative would start to make exemptions possible for resident owners over 65 with household income less than $19,999.99 and stop exemption for those with household income above $28,399.99.
The second alternative schedule would make exemptions possible for resident owners over 65 with household incomes less than $24,999.99 and stop exemption entitlement for those with household income above $33,399.99. The Board will study the two alternatives and will have a recommendation for a public hearing during the regular meeting of the Board in January of 2013.
Other business saw a postponement of Resolution No. 14 surrounding the retirement of Water/Sewer Department supervisor Dean Moulton and tabling of Resolution No. 15 having to do with the Nature Conservancy easement.