§ 288-2. Income eligibility levels.

The income of the owner or the combined income of the owners for the calendar year prior to the date that the application is filed shall determine the percentage of assessed valuation which is exempt from taxation, in accordance with the following schedule:

A. 

For the period expiring June 30, 2007 (2007 Assessment Roll):

Annual Income	Percentage of Assessed Valuation Exempt From Taxation
$0 to $26,000.00	50%
$26,000.01 to $26,999.99	45%
$27,000.00 to $27,999.99	40%
$28,000.00 to $28,999.99	35%
$29,000.00 to $29,899.99	30%
$29,900.00 to $30,799.99	25%
$30,800.00 to $31,699.99	20%
$31,700.00 to $32,599.99	15%
$32,600.00 to $33,499.99	10%
$33,500.00 to $34,399.99	5%

B. 

For the period commencing July 1, 2007 and expiring on June 30, 2008 (2008 Assessment Roll):

Annual Income	Percentage of Assessed Valuation Exempt From Taxation
$0 to $27,000.00	50%
$27,000.01 to $27,999.99	45%
$28,000.00 to $28,999.99	40%
$29,000.00 to $29,999.99	35%
$30,000.00 to $30,899.99	30%
$30,900.00 to $31,799.99	25%
$31,800.00 to $32,699.99	20%
$32,700.00 to $33,599.99	15%
$33,600.00 to $34,499.99	10%
$34,500.00 to $35,399.99	5%

C. 

For the period commencing July 1, 2008 and expiring on June 30, 2009 (2009 Assessment Roll):

Annual Income	Percentage of Assessed Valuation Exempt From Taxation
Less than $28,000	50%
$28,000.01 to $28,999.99	45%
$29,000.00 to $29,999.99	40%
$30,000.00 to $20,999.99	35%
$31,000.00 to $31,899.99	30%
$31,900.00 to $32,799.99	25%
$32,800.00 to $33,699.99	20%
$33,700.00 to $34,599.99	15%
$34,600.00 to $35,499.99	10%
$35,500.00 to $36,399.99	5%

D. 

For the period commencing July 1, 2009 (2010 Assessment Roll and thereafter):

Annual Income	Percentage of Assessed Valuation Exempt From Taxation
$0 to $29,000.00	50%
$29,000.01 to $29,999.99	45%
$30,000.00 to $30,999.99	40%
$31,000.00 to $31,999.99	35%
$32,000.00 to $32,899.99	30%
$32,900.00 to $33,799.99	25%
$33,800.00 to $34,699.99	20%
$34,700.00 to $35,599.99	15%
$35,600.00 to $36,499.99	10%
$36,500.00 to $37,399.99	5%

Last amended 2-13-2007 by L.L. No. 1-2007