The purpose of this article is to grant relief
to certain taxpayers 65 years of age or older receiving limited incomes
in accordance with the provisions of § 467 of the Real Property
Tax Law as amended by Chapter 291 of the Laws of 1970.
[Amended 2-6-1995 by L.L. No. 3-1995; 2-15-2016 by L.L. No. 1-2016]
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 Village of Owego in accordance with the following income level
sliding scale:
Income Levels
|
Percentage of Assessed Valuation Exempt From Taxation
|
---|
Less than $16,600
|
50%
|
$16,601 to $17,600
|
45%
|
$17,601 to $18,600
|
40%
|
$18,601 to $19,600
|
35%
|
$19,601 to $20,500
|
30%
|
$20,501 to $21,400
|
25%
|
$21,401 to $22,300
|
20%
|
No exemption shall be granted:
A. Income. 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 an application for exemption exceeds
the sum of $22,300. "Income tax year" shall mean the twelve-month
period for which the owner or owners file a federal personal income
tax return or, if no such return is filed, the calendar year. Where
the title is vested in either the husband or 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 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 real or personal property held for the production of income.
[Amended 9-15-1975 by L.L. No. 3-1975; 2-5-1979 by L.L. No.
1-1979; 3-31-1983 by L.L. No. 2-1983; 2-6-1995 by L.L. No.
3-1995; 2-15-2016 by L.L. No. 1-2016]
B. Duration of ownership. Unless the title of the property
shall have been vested in the owner or one of the owners of the property
for at least 24 consecutive months prior to the date of making an
application for exemption; provided, however, that in the event of
the death of either a husband or wife, in whose name title of the
property shall have been vested at the time of death and then becomes
vested solely in the survivor by virtue of devise by or descent from
the deceased husband or wife, the time of ownership of the property
by the deceased husband or wife shall be deemed also a time of ownership
by the survivor, and such ownership shall be deemed continuous for
the purposes of computing such period of 24 consecutive months; provided,
further, that in the event of a transfer by either a husband or wife
to the other spouse of all or part of the title to the property, the
time of ownership of the property by the transferor spouse shall be
deemed also a time of ownership by the transferee spouse, and such
ownership shall be deemed continuous for the purposes of computing
such period of 24 months; 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 article. Where a residence is sold and replaced with another
within one year and is in the same assessing unit or municipality,
the period of ownership of the former property shall be combined with
the period of ownership of the replacement residence and deemed consecutive
for exemption from taxation by each such assessing unit or municipality.
[Amended 2-5-1979 by L.L. No. 1-1979]
C. Residential use. Unless the property is used exclusively
for residential purposes.
D. Legal residence. 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 by all of the owners of the property on forms prescribed
by the State Board to be furnished by the Village of Owego and shall
furnish the information and be executed in the manner required or
prescribed in such forms and shall be filed in the Village Clerk-Treasurer's
office on or before May 1 of each year.
[Amended 4-21-1997 by L.L. No. 1-1997]
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 or by imprisonment for not more than
15 days, or by both such fine and imprisonment, and shall disqualify
the applicant or applicants from further exemption for a period of
five years.