[Adopted 11-16-1977 as L.L. No. 2-1977]
Real property located in the village owned by
one (1) or more persons, each of whom is sixty-five (65) years of
age or over, or real property owned by husband and wife, one (1) of
whom is sixty-five (65) years of age or over, shall be exempt from
taxation for village purposes to the extent of fifty percent (50%)
of the assessed valuation thereof subject to the following provisions
of this Article.
In order to qualify for such exemption from
taxation for village purposes, the title to the subject real property
must have been vested in one (1) of the owners of the real property
for at least twenty-four (24) consecutive months prior to the date
of making the 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 which
then becomes vested solely in the survivor by virtue of devise 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 purpose of computing such period of twenty-four
(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 transferee spouse and such ownership shall be deemed continuous
for the purposes of computing such period of twenty-four (24) consecutive
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, and further provided that where a residence is
sold and replaced with another within one (1) year and is in the same
assessment unit, 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.
No exemption from taxation for village purposes
shall be granted 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 the application for exemption exceeds
the maximum sum as set forth in Real Property Tax Law § 467.
The current amount is on file in the office of the Village Clerk.
"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 wife, their combined income may not exceed
the maximum sum as set forth in Real Property Tax Law § 467.
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 order to qualify for such exemption from
taxation for village purposes, the subject real property must be used
exclusively for residential purposes and must be the legal residence
of and occupied in whole or in part by the owner or by all the owners
of the property.
Application for such exemption must be made
by the owner or all the owners of the property on forms prescribed
by the State Board of Real Property Services, which shall be furnished
by the Assessor of the Village of Plandome and shall be executed in
the manner required or prescribed in such forms and shall be filed
in the office of the Assessor of the Village of Plandome on or before
the first day of January of each year or on such other appropriate
taxable status date as may hereafter be provided by law.
