[Adopted 7-27-1989 by L.L. No. 5-1989;
amended in its entirety 9-22-2005 by L.L. No. 12-2005]
Real property in the Town of Goshen 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 Goshen to the
extent established from time to time by resolution of the Town Board
following a public hearing upon compliance with the provisions of
this article for the fiscal year for which an application is filed.
The schedule of senior citizen tax exemptions
adopted pursuant to the provisions of Real Property Tax Law and this
article shall be posted in the office of the Town Clerk and the office
of the Town Assessor.
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 the sum established in the schedule contained in § 86-1.2.[1] "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 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, wear
and tear of personal property held for the production of income.
[1]
Editor's Note: So in original.
