[Adopted 12-12-1983 by L.L. No. 7-1983[1]]
[1]
Editor's Note: This local law also repealed
former Ch. 67, Real Property Tax Exemption, adopted 9-28-1970 by L.L.
No. 2-1970, as amended.
[Amended 10-22-1990 by L.L. No. 4-1990[1]]
All current or pending applications for exemption
from taxation by the Incorporated Village of Valley Stream, as provided
for by § 467 of the Real Property Tax Law and as further
provided by the provisions of Valley Stream Local Law No. 2-1970,
adopted September 28, 1970, shall continue in effect according to
law except as hereinafter provided.
[Last amended 1-17-2023 by L.L. No. 2-2023]
Effective immediately, the following provisions
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring after January 1, 2015.
[Last amended 1-17-2023 by L.L. No. 2-2023]
Real property in the Incorporated Village of
Valley Stream 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 Village to the extent of the following percentage of the assessed
valuation thereof:
|
Annual Income
|
Percent of Exemption
|
|---|---|
|
Under $36,200
|
50%
|
|
$36,201 but less than $37,099
|
45%
|
|
$37,100 but less than $37,999
|
40%
|
|
$38,000 but less than $38,999
|
35%
|
|
$39,000 but less than $39,999
|
30%
|
|
$40,000 but less than $40,999
|
25%
|
|
$41,000 but less than $41,999
|
20%
|
|
$42,000 but less than $42,899
|
15%
|
|
$42,900 but less than $43,799
|
10%
|
|
$43,800 but less than $44,699
|
5%
|
No exemption shall be granted:
A.
Unless an annual application is made therefor, as
hereinafter set forth.
B.
If the income of the owner or combined income of the
owners of the property exceeds the sum of $34,699 for the income tax
year immediately preceding the date of making application for exemption.
The term "income tax year" shall mean the twelve-month period for
which the owner or owners file 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, total gains from sale or
exchange of a capital asset in the same income tax year, net rental
income, salary or earnings and net income from self-employment but
shall not include a return of capital, gifts or inheritances. In computing
net rental income and net income from self-employment, no depreciation
deduction shall be allowed for the exhaustion and wear and tear of
real property held for the production of income.
[Last amended 1-17-2023 by L.L. No. 2-2023]
C.
Unless the title of the property shall have been vested
in the owner or one 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 which then 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
owner 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 required 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 is made for exemption, and such
periods of ownership shall be deemed to be consecutive for purposes
of article.
D.
Unless the property is used exclusively for residential
purposes.
E.
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 verified application for the annual exemption
shall be made by the owner, or all of the owners, of the property
on forms prescribed by the State Board of Equalization and Assessment,
to be furnished by the Assessor of the Incorporated Village of Valley
Stream.
The owner, or all of the owners, shall file
any supporting document or documents deemed necessary by the Assessor
of the Incorporated Village of Valley Stream.
The application and the supporting documents shall be filed in the Office of the Assessor of the Incorporated Village of Valley Stream on or before the appropriate taxable status date. In the event that the owner, or all of the owners, of property which has received an exemption pursuant to this article on the preceding assessment roll fail to file the application required pursuant to § 67-5 on or before such taxable status date, such owner or owners may file the application, executed as if such application had been filed on or before such taxable status date, with the Village Assessor on or before the date for the hearing of complaints.
At least 60 days prior to the appropriate taxable
status date, the Village Assessor 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 such taxable status date and be approved
in order for the exemption to be granted. The Village Assessor shall,
within three days of the completion and filing of the tentative assessment
roll, notify by mail any applicant who has included with his application
at least one self-addressed, prepaid envelope, of the approval or
denial of the application; provided, however, that the Village Assessor
shall, upon the receipt and filing of the application, send by mail
notification of receipt to any applicant who has included two of such
envelopes with the application. Where an applicant is entitled to
a notice of denial pursuant to this subsection, such notice shall
be on a form prescribed by the State Board and shall state the reasons
for such denial and shall further state that the applicant may have
such determination reviewed in the manner provided by law. Failure
to mail any such application form or notices or the failure of such
person to receive any of the same shall not prevent the levy, collection
and enforcement of the payment of the taxes on property owned by such
person.
The exemptions from taxation by the Village of Valley Stream, in addition to those provided for in Article I hereof, shall be the maximum exemptions as provided by the laws of the State of New York, except that the per centum of exemption for business investment under § 485-b, Subdivision 1, of the Real Property Tax Law is hereby reduced to zero pursuant to the provisions of § 485-b, Subdivision 7, of the Real Property Tax Law.
Those persons who qualify for such aforesaid
exemptions must meet each and every qualification as set forth under
the laws of the State of New York.
