As used in this chapter, the following terms shall have the
meanings indicated:
INCOME —The adjusted gross income for federal income tax
purposes as reported on the applicant's federal or state income
tax return for the applicable income tax year, subject to any subsequent
amendments or revisions; provided that if no such return was filed
for the applicable income tax year, the applicant's income shall
be determined based on the amounts that would have so been reported
if such a return had been filed; and provided, further, that when
determining income, the following conditions shall be applicable
A.
Any social security benefits that were excluded from the applicant's
federally adjusted gross income shall be considered income;
B.
Any tax-exempt interest or dividends that were excluded from
the applicant's federally adjusted gross income shall be considered
income;
C.
Any distributions received from an individual retirement account
or individual retirement annuity that were included in the applicant's
federal adjusted gross income shall be considered income; and
D.
Any losses that were applied to reduce the applicant's
federal adjusted gross income shall be subject to the following limitations:
(1)
The net amount of loss reported on federal Schedule C, D, E
or F shall not exceed $3,000 per schedule;
(2)
The net amount of any other separate category of loss shall
not exceed $3,000;
(3)
The aggregate amount of all losses shall not exceed $15,000.
PERSON WITH A DISABILITY —One who has a physical or mental
impairment, not due to current use of alcohol or illegal drug use,
which substantially limits such person's ability to engage in
one or more major life activities, such as caring for one's self,
performing manual tasks, walking, seeing, hearing, speaking, breathing,
learning and working, and who is certified to receive social security
disability insurance (SSDI) or supplemental security income (SSI)
benefits under the federal Social Security Act; or is certified to
receive railroad retirement disability benefits under the federal
Railroad Retirement Act; or has received a certificate from the State
Commission for the Blind and Visually Handicapped stating that such
person is legally blind. An award letter from the Social Security
Administration or the Railroad Retirement Board or a certificate from
the State Commission for the Blind and Visually Handicapped shall
be submitted as proof of disability
Any exemption provided by this chapter shall be computed after
all other partial exemptions allowed by law have been subtracted from
the total amount assessed; provided, however, that no parcel may receive
an exemption for the same municipal tax purpose pursuant to both this
chapter and § 467 of the Real Property Tax Law.
Exemption 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. If the income of the owner or the combined income of the owners of
the property for the applicable income tax year as defined by § 459-c
of the Real Property Tax Law exceeds the maximum income sum of $50,000.
Where title is vested in a married person, the owner's and spouse's
combined income may not exceed such sum, except that, where the spouse
or ex-spouse is absent from the property due to divorce, legal separation
or abandonment, then only the income of the spouse or ex-spouse residing
on the property shall be considered and may not exceed such sum.
B. Unless the property is used exclusively for residential purposes;
provided, however, that in the event that any portion of such property
is not so used exclusively for residential purposes but is used for
other purposes, such portion shall be subject to taxation, and the
remaining portion only shall be entitled to the exemption provided
by this chapter.
C. Unless the real property is the legal residence of and is occupied
in whole or in part by the disabled person; except where the disabled
person is absent from the residence while receiving health-related
care as an inpatient of a residential health care facility, as defined
in § 2801 of the Public Health Law, provided that any income
accruing to that person shall be considered income for purposes of
this section only to the extent that it exceeds the amount paid by
such person or spouse or sibling of such person for care in the facility.
Application for such exemption must be made annually by the
owner, or all of the owners, of the property on forms prescribed by
the State Board and shall be filed in the Assessor's office on
or before the appropriate taxable status date; provided, however,
that proof of a permanent disability need be submitted only in the
year exemption pursuant to this section is first sought or the disability
is first determined to be permanent.
At least 60 days' prior to the appropriate taxable status
date, the Assessor shall mail, to each person who was granted exemption
pursuant to this chapter on the latest completed assessment roll,
an application form and a notice that such application must be filed
on or before the taxable status date and be approved in order for
the exemption to continue to be granted. Failure to mail such application
form, 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.
Notwithstanding any other provision of law to the contrary, the provisions of this chapter shall apply to real property held in trust solely for the benefit of a person or persons who would otherwise be eligible for a real property tax exemption, pursuant to §
48G-1, were such person or persons the owner or owners of such real property.
This chapter shall apply to assessment rolls prepared on the
basis of taxable status dates occurring on or after January 1, 2024.