[Amended 5-19-1980 by L.L. No. 2-1980; 12-9-1985 by L.L. No. 9-1985; 12-1-1986 by L.L. No. 1-1986; 3-19-1990 by L.L. No. 1-1990]
Pursuant to § 467 of the New York
State Real Property Tax Law, real property owned by one or more persons,
each of whom is 65 years of age or over or real property owned by
husband and wife, one of whom is 65 years of age or over, shall be
exempt from taxation by the City of Watertown to the extent of varying
percentum as defined in Subsection A(1) of the assessed valuation
therefor, subject to the following conditions:
A. No exemptions shall be granted:
(1) If the income of the owner or the combined income
of the owners of the property exceeds the sum of $18,500 for the 12
consecutive months immediately preceding the date of making application
for exemption. Where title is vested either in the husband or wife,
their combined income may not exceed such sum. Such income shall include
social security and retirement benefits, interest, dividends, rental
income, salary or earnings and income from self-employment but shall
not include gifts or inheritances. Social security supplemental income
(SSI) is not considered income. In the event that the property owner's
income is less than $18,500, the following percentage of assessed
valuation exemption from taxation shall apply:
[Amended 3-6-1995 by L.L. No. 1-1995; 11-21-2005 by L.L. No. 8-2005]
|
Annual Income
|
Percentage of Assessed Valuation Exempt
from Taxation
|
---|
|
$12,800 or less
|
50%
|
|
$12,801 to $13,800
|
45%
|
|
$13,801 to $14,800
|
40%
|
|
$14,801 to $15,800
|
35%
|
|
$15,801 to $16,700
|
30%
|
|
$16,701 to $17,600
|
25%
|
|
$17,601 to $18,500
|
20%
|
(2) Unless the title of the property shall have been vested
in the owner or all of the owners of the property for at least 24
consecutive months prior to the date of making application for exemption.
[Amended 12-1-1986 by L.L. No. 1-1986]
(3) Unless the property is used exclusively for residential
purposes.
(4) Unless the property is the legal residence of and
is occupied in whole or in part by the owner or by all of the owners
of the property.
B. Application for such exemption must be made by the
owner or all of the owners of the property on forms to be furnished
by the City Assessor and shall furnish the information and be executed
in the manner required or prescribed on such form.
C. Application for such exemption shall be filed in the
office of the City Assessor by December 31 of each year.
[Amended 12-1-1986 by L.L. No. 1-1986]
D. The applicant must verify as to the truth of the statements
contained in such application. Any conviction of having made any willful
false statement in such application shall be punishable by a fine
of not more than $100 and shall disqualify the applicant or applicants
from further exemption for a period of five years.