This article shall be known and cited as a "Local
Law Providing a Partial Exemption from Taxation by the Town of Eden
to Persons 65 Years of Age or Older Pursuant to the Provisions of
§ 467 of the Real Property Tax Law of the State of New York."
Annual income shall include 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 an 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, except in such circumstances wherein only
the income of a resident owner is permitted to be considered under
the provisions of § 467 of the New York Real Property Tax
Law. 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 or earnings
and net income from self-employment, but shall not include a return
of capital, gifts or inheritances or moneys earned through employment
in the federal foster grandparent program. 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.