[Adopted 9-20-1983 by L.L. No. 1-1983[2] ]
[1]
Editor's Note: Local Law No. 1-1990, adopted
3-6-1990, provided that "A person who is otherwise qualified for the
senior citizens real property tax exemption shall not be denied the
exemption if he or she becomes 65 after the taxable status date of
May 1 but before December 31 of the same year."
[2]
Editor's Note: This local law also repealed
former Art. I, Senior Citizens Tax Exemption, adopted 10-18-1966 by
L.L. No. 3-1966, as amended.
This article implements §§ 467
and 467-d of the Real Property Tax Law[1] by granting, pursuant to the conditions and limitations
set forth in said sections, a partial exemption from real property
taxation of property owned by certain persons 65 years of age or over.
[1]
Editor's Note: Section 467-d of the Real Property
Tax Law was repealed by L. 1985, c. 440, § 3, effective
January 2, 1986.
[Amended 9-3-1986 by L.L. No. 6-1986; 11-28-1989 by L.L. No.
7-1989; 8-14-1990 by L.L. No. 6-1990; 9-17-1991 by L.L. No. 5-1991; 10-6-1992 by L.L. No. 9-1992; 8-16-1994 by L.L. No. 5-1994; 8-29-1995 by L.L. No.
16-1995; 2-27-1996 by L.L. No. 1-1996; 11-12-1996 by L.L. No. 17-1996; 12-17-1996 by L.L. No. 2-1996]
A.
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 Town of Babylon to the extent of 50% of the assessed
value of the property, 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 the making of the application is not more than
$50,000 and the owner or owners satisfy all the provisions of Real
Property Tax Law § 467.
[Amended 12-8-1998 by L.L. No. 4-1998; 9-19-2000 by L.L. No.
23-2000; 11-19-2002 by L.L. No. 32-2002; 10-21-2003 by L.L. No.
28-2003; 7-17-2012 by L.L. No. 9-2012; 9-21-2022 by L.L. No. 17-2022]
B.
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 Town of Babylon to the extent set forth below
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 the making of the application is not more than $8,400 more than
the maximum income eligibility level exemption and the owner or owners
satisfy all the provisions of Real Property Tax Law § 467,
Subdivision 3(b). For the purpose of this article, "maximum income
eligibility level exemption (M)" shall be defined as the maximum amount
of income as set forth in § 467, Subdivision 3, of the New
York State Real Property Tax Law, as amended from time to time, but
not less than $50,000.
[Amended 12-8-1998 by L.L. No. 4-1998; 9-19-2000 by L.L. No.
23-2000; 11-19-2002 by L.L. No. 32-2002; 10-21-2003 by L.L. No.
28-2003; 7-17-2012 by L.L. No. 9-2012; 9-21-2022 by L.L. No. 17-2022]
C.
Cooperative apartment associations.
(1)
For the purposes of this section, title to that portion
of real property owned by a cooperative apartment corporation in which
a tenant-stockholder of such corporation resides and which is represented
by his share or shares of stock in such corporation as determined
by its or their proportional relationship to the total outstanding
stock of the corporation, including that owned by the corporation,
shall be deemed to be vested in such tenant-stockholder.
(2)
That proportion of the assessment of such real property
owned by such cooperative apartment corporation determined by the
relationship of such real property vested in such tenant-stockholder
to such entire parcel and the buildings thereon owned by such cooperative
apartment corporation in which such tenant-stockholder resides shall
be subject to exemption from taxation pursuant to this section and
any exemption so granted shall be credited against the assessed valuation
of such real property; the reduction in real property taxes realized
thereby shall be credited by the cooperative apartment corporation
against the amount of such taxes otherwise payable by or chargeable
to such tenant-stockholder.
(3)
This subsection shall apply to those individual shareholders
who are 65 years of age or over or if such share(s) of stock in said
cooperative apartment corporation are owned by more than one person
and each such person is 65 years of age or such share(s) of stock
in a cooperative apartment corporation are owned by husband and wife,
one of whom is 65 years of age or over.
D.
Excluded in the calculation of income shall be all
medical and prescription drug expenses actually paid which were not
reimbursed or paid for by insurance and veterans disability compensation
as defined in Title 38 of the United States Code.
[Amended 10-7-1997 by L.L. No. 16-1997]
E.
Table of Income and Percentages.
|
Table of Income and Percentages
| |
|---|---|
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|
More than (M) but less than (M + $1,000)
|
45%
|
|
M+ $1,000 or more but less than (M+ $2,000)
|
40%
|
|
M+ $2,000 or more but less than (M+ $3,000)
|
35%
|
|
M+ $3,000 or more but less than (M+ $3,900)
|
30%
|
|
M+ $3,900 or more but less than (M+ $4,800)
|
25%
|
|
M+ $4,800 or more but less than (M+ $5,700)
|
20%
|
|
M+ $5,700 or more but less than (M+ $6,600)
|
15%
|
|
M+ $6,600 or more but less than (M+ $7,500)
|
10%
|
|
M+ $7,500 or more but less than (M+ $8,400)
|
5%
|
F.
Extension for senior citizens granted a STAR exemption.
Notwithstanding any contrary provision of this chapter, or any general,
special or local law, code or charter, the Town of Babylon authorizes
an extension of no more than five business days for the payment of
taxes without interest or penalty to the Town of Babylon to certain
persons 65 years of age or over, who have received an exemption pursuant
to Subdivision Four of § 425 or 467 of the New York State Real
Property Tax Law related to a principal residence located within the
Town of Babylon. If such an extension is granted, and any taxes are
not paid by the final date so provided, those taxes shall be subject
to the same interest and penalties that would have applied if no extension
had been granted.
[Added 12-20-2006 by Res. No. 6]
[Amended 9-3-1986 by L.L. No. 6-1986; 11-28-1989 by L.L. No.
7-1989; 8-14-1990 by L.L. No. 6-1990; 8-16-1994 by L.L. No. 5-1994; 8-29-1995 by L.L. No. 16-1995; 12-8-1998 by L.L. No. 4-1998]
This article shall take effect immediately and
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring on or after January 1, 1999.
