The Wawarsing Town Board voted unanimously to raise the income levels that are given real property tax exemption from town property taxes. The previous sliding scale was discarded and replaced with a new one: Local Law 7 of 2022

Now, a property owner with an income level of up to $23,500 will have 50% of the property’s assessed valuation considered exempt. The rest of the new assessed valuation rates per income range are as follows:

$23,501.1 to $24,499.99: 45%
$24,500.00 to $25,499.99: 40%
$25,500.00 to $26,499.99: 35%
$26,500.00 to $27,299.99: 30%
$27,400.00 to $28,299.99: 25%
$28,300.00 to $29,199.99: 20%
$29,200.00 to $30,099.99: 15%
$30,100.00 to $30,999.99: 10%
Over $31,000: 0%

This affects real property owned by one or more persons, each 65 years of age or more, or real property owned by a spouse, one of whom is 65 years of age or more. This sliding taxation scale is for property taxes collected by the Town of Wawarsing.

The new local law will take effect upon being filed with the NY Secretary of State.

Property owners over the age of 65 are also given protection from the full weight of property taxes collected by Ulster County. Those rates are listed below:

$29,000 or less: 50%
$29,000.01 to $29,999.99: 45%
$30,000 to $30,999.99: 40%
$31,000 to $31,999.99: 35%
$32,000 to $32,899.99: 30%
$32,900 to $33,799.99: 25%
$33,800 to $34,699.99: 20%
$34,700 to $35,599.99: 15%
$35,600 to $36,499.99: 10%
$36,500 to $37,399.99: 5%
Over $38,000: 0%

"Income tax year" shall mean the 12-month period for which the owner, or owners, filed a federal personal income tax return or, if no such return was filed, the calendar year.