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, shall be exempt from taxation
by the City of Geneva to the extent of 50% of the assessed valuation
thereof; subject to the following conditions:
A. Application; income; exemption.
(1) The owner or all of the owners must file an application
annually in the Assessor's Office on or before the appropriate taxable
status date or at such other time as may hereafter be fixed by law.
The income of the owner or the combined income of the owners of the
property must not exceed the sum of $12,500 for the calendar year
immediately preceding the date of making application for exemption.
Where title is vested in either the husband or wife, their combined
income may not exceed the sum. Such income shall include social security
and retirement benefits, interest, dividends, rental income, salary
or earnings and income from self employment, but shall not include
gifts or inheritance.
[Amended 5-2-2007 by Ord. No. 2-2007]
(2) A sliding scale exemption pursuant to § 467,
Subdivision 1(b)(1), of the New York State Real Property Tax Law shall
be provided to certain persons 65 years of age or over.
[Amended by Ord. No. 25-1972; Ord. No. 4-1975; Ord. No. 29-1978; 4-6-1983 by Ord. No. 10-1983; 1-7-1987 by Ord. No.
1-1987; 1-1-1989 by Ord. No. 3-1989; 3-1-1990 by Ord. No. 5-1909; 3-6-1995 by Ord. No. 5-1995]
B. Title to the property must be 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.
[Amended 12-6-1978 by Ord. No. 29-1978]
C. The property must be used exclusively for residential
purposes, be occupied in whole or in part by the owners and constitute
the legal residence of the owners.