[Adopted 1-7-1991 by L.L. No. 1-1991]
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 this municipal corporation to the extent of
50% of the assessed valuation thereof to the extent as provided by
local law.
Exception from taxation for school purposes
shall not be granted in the case of real property where a child resides
if such child attends a public school of elementary or secondary education.
No exemption shall be granted:
A.Â
If the income of the owner or the combined income
of the owners of the property for the income tax year immediately
preceding the date of making application for exemption exceeds $58,399.
[Amended 12-9-1991 by L.L. No. 6-1991; 10-5-1992 by L.L. No. 8-1992; 9-12-1994 by L.L. No. 25-1994; 2-5-1996 by L.L. No. 1-1996; 11-18-1996 by L.L. No. 16-1996; 12-28-1998 by L.L. No. 10-1998; 10-16-2000 by L.L. No. 19-2000; 6-23-2003 by L.L. No. 4-2003; 6-14-2004 by L.L. No.
6-2004; 3-12-2007 by L.L. No. 3-2007[1]; 3-10-2008 by L.L. No. 4-2008; 11-28-2022 by L.L. No. 1-2023]
(1)Â
Incomes of less than $58,400 shall be exempted according
to the following schedule:
Maximum Income
|
Percentage of Exemption
|
---|---|
Less than $50,000
|
50%
|
At least $50,000, but less than $51,000
|
45%
|
At least $51,000, but less than $52,000
|
40%
|
At least $52,000, but less than $53,000
|
35%
|
At least $53,000, but less than $53,900
|
30%
|
At least $53,900, but less than $54,800
|
25%
|
At least $54,800, but less than $55,700
|
20%
|
At least $55,700, but less than $56,600
|
15%
|
At least $56,600, but less than $57,500
|
10%
|
At least $57,500, but less than $58,400
|
5%
|
(2)Â
"Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal income tax
return or, if no such return is filed, the calendar year. Where title
is vested in either the husband or the wife, their combined income
may not exceed such sum. Such income shall include social security
and retirement benefits, interest, dividends, net rental income, salary
or earnings and net income from self-employment but shall not include
gifts or inheritances. Income shall be offset by 50% of medical and
prescription drug expenses actually paid which were not reimbursed
or paid for by insurance.
[1]
Editor's Note: This local law stated that
it would take effect 7-1-2007 and also provided that the Board of
Trustees may increase the partial exemptions in the future by resolution.
B.Â
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;
provided, however, that in the event of the death of either a husband
or wife in whose name title of the property shall have been vested
at the time of death and then the title becomes vested solely in the
survivor by virtue of devise by or descent from the deceased husband
or wife, the time of ownership of the property by the deceased husband
or wife shall be deemed also a time of ownership by the survivor and
such ownership shall be deemed continuous for the purposes of computing
such period of 24 consecutive months, and provided further that where
property of the owner or owners has been acquired to replace property
formerly owned by such owner or owners and taken by eminent domain
or other involuntary proceeding, except a tax sale, the period of
ownership of the former property shall be combined with the period
of ownership of the property for which application if made for exemption
and such periods of ownership shall be deemed to be consecutive for
purposes of this section.
C.Â
Unless the property is used exclusively for residential
purposes.
D.Â
Unless the real 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.
A.Â
Application for such exemption must be made by the
owner or all of the owners of the property, on forms prescribed by
the State Board, to be furnished by the appropriate assessing authority,
and shall furnish the information and be executed in the manner required
or prescribed in such forms and shall be filed in such Assessor's
office on or before the appropriate taxable status date.
B.Â
At least 60 days prior to the appropriate taxable
status date, the assessing authority shall mail to each person who
was granted exemption pursuant to this article on the latest completed
assessment roll an application form and a notice that such application
must be filed on or before taxable status date and be approved in
order for the exemption to be granted. Failure to mail any such application
form and notice or the failure of such person to receive the same
shall not prevent the levy, collection and enforcement of the payment
of the taxes on property owned by such person.
C.Â
Any conviction of having made any willfully false
statement in the application for such exemption 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.