LAKE PLACID — The Lake Placid Village Board of Trustees passed a local law providing a property tax exemption for low-income residents with disabilities at a meeting Monday. This followed a public hearing which no one from the public showed up for.

This type of exemption is not new for the village. A similar one already exists for seniors. In October 2023, the village approved an exemption for volunteer firefighters and volunteer ambulance workers. The law will now be filed with the Secretary of State, and will go into effect in time for the 2025 tax season.

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Who is eligible?

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State law allows local governments to provide a reduction of up to 50% in assessed value. Local governments are able to determine income limits for tax exemptions, within certain parameters. The income limits and corresponding reductions in a property’s assessed value will be similar to the table used for the tax exemption for seniors.

Residents with income more than $36,500 but less than $37,399.99 will be eligible for a 5% reduction in assessed value. Residents with income between $29,000 and $29,999.99 will be eligible for a 45% reduction in assessed value.

Eligible disabilities must include physical or mental impairment that significantly limits a person’s ability to perform everyday tasks, according to state guidelines. The disability cannot be due to current use of substances.

In general, all owners of a property need to have an eligible disability unless the property is owned by a married couple or by siblings.

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Income calculation

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For married couples, both partners’ incomes should be included in the total income unless a spouse is absent due to legal separation or abandonment, according to state guidelines.

For the purposes of this tax exemption, income is considered to be the same as the Federal Adjusted Gross Income as reported on the applicable tax return. Social security benefits excluded from the FAGI will also be excluded from annual income for the purposes of determining exemption eligibility, according to the text of the new local law that was available for public review prior to Monday’s hearing.

The income year used for this exemption is two years prior to the current calendar year at the time of application. This means that for the upcoming tax season, the tax year of 2023 would be used.

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How to apply

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The state provides forms for first time applicants that should be filled out and filed with the local assessor. For the village of Lake Placid, the assessor is at the North Elba Town Hall at 2693 Main Street, Suite 306 and can be reached at 518-523-1975.

If any owner of the property filed a federal income tax return for the applicable year, a copy must be included with the application as proof of income. If no tax return was filed, applicants must submit Form RP-459-c-Wkst, Income Worksheet for Exemption for Persons With Disabilities and Limited Incomes, with their application.

Proof of disability can be submitted in numerous ways, including disability-related award letters or certificates from the Social Security Administration, the Railroad Retirement Board, the State Commission for the Blind, the United States Postal Service, the U.S. Department of Veterans Affairs or the Workers’ Compensation Board.

The local assessor may request additional proof of income or deductions. The deadline to apply is March 1.

For more detailed information available from the state, including links to applicable forms and information about documentation, visit https://tinyurl.com/3vvnw3a4.