[Amended 3-2-1976 by Ord. No. 61-1976; 6-7-1977 by Ord. No. 162-1977; 7-24-1979 by Ord. No. 185-1979; 10-21-1980 by Ord. No. 226-1980]
Pursuant to § 467 of the New York
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 City taxation by the City of New Rochelle to the extent
of 50% of the assessed valuation thereof, subject to the following
conditions:
A. No exemption shall be granted:
(1) If the income of the owner or the combined incomes of the owners of the property exceed the amount set forth in §
288-2 for the income tax year immediately preceding the date of making application for exemption. "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, total gain from the sale or exchange of a capital asset, which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings and the 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 shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income.
[Amended 11-16-1982 by Ord. No. 252-1982; 11-18-1986 by Ord. No. 297-1986]
(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.
(3) Unless the property is used exclusively for residential
purposes.
(4) Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all 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 Bureau of Assessments, 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 Bureau of Assessments on or before May 1 of each year.
D. 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 section 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.
E. The Assessor may require any applicant to furnish
such other and further information as may be necessary for him to
establish the qualification for exemption of said applicant. He may
establish such rules and procedures and take such other steps as may
be necessary to implement the provisions of this article.
F. 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
not more than $100 and shall disqualify the applicant or applicants
from further exemption for a period of five years.
[Last amended 2-13-2007 by L.L. No. 1-2007]
The income of the owner or the combined income
of the owners for the calendar year prior to the date that the application
is filed shall determine the percentage of assessed valuation which
is exempt from taxation, in accordance with the following schedule:
A. For the period expiring June 30, 2007 (2007 Assessment
Roll):
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
$0 to $26,000.00
|
50%
|
$26,000.01 to $26,999.99
|
45%
|
$27,000.00 to $27,999.99
|
40%
|
$28,000.00 to $28,999.99
|
35%
|
$29,000.00 to $29,899.99
|
30%
|
$29,900.00 to $30,799.99
|
25%
|
$30,800.00 to $31,699.99
|
20%
|
$31,700.00 to $32,599.99
|
15%
|
$32,600.00 to $33,499.99
|
10%
|
$33,500.00 to $34,399.99
|
5%
|
B. For the period commencing July 1, 2007 and expiring
on June 30, 2008 (2008 Assessment Roll):
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
$0 to $27,000.00
|
50%
|
$27,000.01 to $27,999.99
|
45%
|
$28,000.00 to $28,999.99
|
40%
|
$29,000.00 to $29,999.99
|
35%
|
$30,000.00 to $30,899.99
|
30%
|
$30,900.00 to $31,799.99
|
25%
|
$31,800.00 to $32,699.99
|
20%
|
$32,700.00 to $33,599.99
|
15%
|
$33,600.00 to $34,499.99
|
10%
|
$34,500.00 to $35,399.99
|
5%
|
C. For the period commencing July 1, 2008 and expiring
on June 30, 2009 (2009 Assessment Roll):
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
Less than $28,000
|
50%
|
$28,000.01 to $28,999.99
|
45%
|
$29,000.00 to $29,999.99
|
40%
|
$30,000.00 to $20,999.99
|
35%
|
$31,000.00 to $31,899.99
|
30%
|
$31,900.00 to $32,799.99
|
25%
|
$32,800.00 to $33,699.99
|
20%
|
$33,700.00 to $34,599.99
|
15%
|
$34,600.00 to $35,499.99
|
10%
|
$35,500.00 to $36,399.99
|
5%
|
D. For the period commencing July 1, 2009 (2010 Assessment
Roll and thereafter):
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
$0 to $29,000.00
|
50%
|
$29,000.01 to $29,999.99
|
45%
|
$30,000.00 to $30,999.99
|
40%
|
$31,000.00 to $31,999.99
|
35%
|
$32,000.00 to $32,899.99
|
30%
|
$32,900.00 to $33,799.99
|
25%
|
$33,800.00 to $34,699.99
|
20%
|
$34,700.00 to $35,599.99
|
15%
|
$35,600.00 to $36,499.99
|
10%
|
$36,500.00 to $37,399.99
|
5%
|
E. For the period commencing June 1, 2023 (2023 Assessment
Roll and thereafter):
[Added 3-21-2023 by L.L. No. 3-2023]
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
Less than $50,000
|
50%
|
$50,000 to $50,999.99
|
45%
|
$51,000 to $51,999.99
|
40%
|
$52,000 to $52,999.99
|
35%
|
$53,000 to $53,899.99
|
30%
|
$53,900 to $54,799.99
|
25%
|
$54,800 to $55,699.99
|
20%
|
$55,700 to $56,599.99
|
15%
|
$56,600 to $57,499.99
|
10%
|
$57,500 to $58,399.99
|
5%
|
F. In addition to the above Subsection
E, the applicant's income shall be offset by all medical and prescription drug expenses actually paid that were not reimbursed or paid for by insurance.
[Added 3-19-2024 by L.L. No. 1-2024]