OLEAN, NY – The Common Council will hold a public hearing Tuesday on a proposal to ease property taxes for seniors who have annual incomes below $26,000.

The proposal would allow eligible seniors to deduct unreimbursed medical expenses from their incomes and receive partial property tax exemptions. 

Tuesday’s hearing is scheduled to begin at 6:15 p.m. in Council Chambers of the Olean Municipal Building, 101 E. State St.

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The amount of the exemptions would vary by income as listed below:

  • $18,500 or less - 50% of assessed value exempt;
  • $18,501 but less than $18,500 - 45% of assessed value exempt;
  • $19,500.01 but less than $20,500 - 40% of assessed value exempt;
  • $20,500.01 but less than $21,500 - 35% of assessed value exempt;
  • $21,500.01 but less than $22,400 - 30% of assessed value exempt;
  • $22,400.01 but less than $23,300 - 25% of assessed value exempt;
  • $23,500.01 but less than $24,200 - 20% of assessed value exempt;
  • $24,200.01 but less than $25,100 - 15% of assessed value exempt, and
  • $25,100.01 but less than $26,000 - 10% of assessed value exempt.

Individuals must be at least 65 to qualify.

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