LAKE PLACID — The village of Lake Placid board of trustees will hold a public hearing at 4:55 p.m. on Monday, Dec. 2 for a proposed local law offering a real property tax exemption for individuals with disabilities and limited incomes.

The state allows municipalities the option to offer this tax exemption. In October 2023, the village board approved a similar exemption for volunteer firefighters and volunteer ambulance workers. The village also provides an exemption for seniors and military veterans.

To be eligible for the exemption, in localities that offer it, each property owner must have an eligible disability, unless the property is owned by a married couple or siblings. In this case, only one owner needs to have a disability. It is incumbent upon residents to apply for this exemption by providing proof of disability. Those applications are filed with the town assessor.

The maximum income to be eligible for this exemption would be $38,000 per year, which would qualify for a 5% reduction in the accessed value of the property, according to the law draft. The most generous exemption is a 45% reduction in assessed value, available to eligible property owners who have an income between $29,000 and $29,999.99.

The Oct. 2 hearing will take place at the North Elba Town Hall at 2693 Main St. and a video streaming link will also be available on the village website. The meeting is open to the public and community members will have an opportunity to comment on the proposed law. A copy of the law can be viewed on the village website or by emailing the village clerk at lpclerk@villageoflakeplacid.ny.gov.