Pursuant to § 467 of the Real Property Tax Law, real
property owned by one or more persons, each of whom is 65 years of
age or over, or real property owned by spouses, one of whom is 65
years of age or over, who are eligible as set forth below shall be
exempt from taxation by the Village of Hastings-on-Hudson for Village
general taxes as hereinafter provided. Such exemption shall be computed
after all other partial exemptions allowed by law have been subtracted
from the total amount assessed. Said exemption is allowed to otherwise
eligible senior citizens who become 65 after the taxable status date
but before December 31 of the calendar year.
The percentage of exemption allowed shall be as follows:
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
|
---|
$0 to $50,000
|
50%
|
$50,000.01 to $50,999.99
|
45%
|
$51,000 to $51,999.99
|
40%
|
$52,000 to $52,999.99
|
35%
|
$53,000 to $53,899.99
|
30%
|
$53,900 to $54,799.99
|
25%
|
$54,800 to $55,699.99
|
20%
|
$55,700 to $56,599.99
|
15%
|
$56,600 to $57,499.99
|
10%
|
$57,500 to $58,399.99
|
5%
|
In order to be eligible for a partial exemption as set forth
herein, the income of the owner or the combined income of the owners
of the property from all sources as set forth in such § 467,
as amended, for the income tax year immediately preceding the date
of making application for exemption exceeds the sum of the maximum
income exemption eligibility level for the granting of partial exemption
from real property taxation as provided herein. "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 one spouse, their combined
income may not exceed such sum. Such income shall include social security
and retirement benefits, interest, dividends, net rental income, salary
or earnings and the net income from self-employment but shall not
include gifts or inheritances. Any such income shall be offset by
all unreimbursed medical and prescription drug expenses not paid by
insurance and/or veterans' disability compensation.