[Adopted 4-12-1984 by L.L. No. 2-1984]
[Amended 4-13-1989 by L.L. No. 1-1989; 11-17-2022 by L.L. No.
4-2022]
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 or by siblings, one of whom is 65 years of age or
over, or real property owned by one or more persons, some of whom
qualify under this article and the others of whom qualify as persons
with disabilities and limited incomes, shall be exempt from real property
taxation by the Town of Crawford to the extent set forth in the schedule
below.
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
Less than $20,000
|
50%
|
|
$20,000 but less than $21,000
|
45%
|
|
$21,000 but less than $22,000
|
40%
|
|
$22,000 but less than $23,000
|
35%
|
|
$23,000 but less than $23,900
|
30%
|
|
$23,900 but less than $24,800
|
25%
|
|
$24,800 but less than $25,700
|
20%
|
|
$25,700 but less than $26,600
|
15%
|
|
$26,600 but less than $27,500
|
10%
|
|
$27,500 but less than $28,400
|
5%
|
No exemption shall be granted:
A.
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 § 125-1B. "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 or 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 or wear and tear of real or personal property
held for the production of income.
B.
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;
provided, however, that in the event of a transfer of all or a part
of the title to the property between spouses, whether by deed, devise,
bequest or operation of law, the time of ownership shall be deemed
continuous for the purposes of computing the twenty-four-consecutive-month
period and provided further that where property of the owner or owners
has been acquired 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 this section. Where
a residence is sold and replaced with another within one year and
both residences are within the state, the period of ownership of both
properties shall be deemed consecutive for purposes of the exemption
from taxation by the Town of Crawford.
C.
Unless the property is used exclusively for residential
purposes.
D.
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.
Application for such exemption must be made
by the owner or all of the owners of the property, as the case may
be, on forms to be furnished by the Town Assessor's office, and shall
furnish the information and shall be executed in the manner required
or prescribed in such forms and shall be filed in such Assessor's
office on or before May 1 of each year.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by a fine of not more than $250 and shall disqualify the applicant
or applicants from further exemption for a period of five years.
Applications must be filed annually for such
exemption on forms provided by the Town.
