[Adopted 1-7-1991 by L.L. No. 1-1991]
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 this municipal corporation to the extent of 50% of the assessed valuation thereof to the extent as provided by local law.
Exception from taxation for school purposes shall not be granted in the case of real property where a child resides if such child attends a public school of elementary or secondary education.
No exemption 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 application for exemption exceeds $36,400.
[Amended 12-9-1991 by L.L. No. 6-1991; 10-5-1992 by L.L. No. 8-1992; 9-12-1994 by L.L. No. 25-1994; 2-5-1996 by L.L. No. 1-1996; 11-18-1996 by L.L. No. 16-1996; 12-28-1998 by L.L. No. 10-1998; 10-16-2000 by L.L. No. 19-2000; 6-23-2003 by L.L. No. 4-2003; 6-14-2004 by L.L. No. 6-2004; 3-12-2007 by L.L. No. 3-2007; 3-10-2008 by L.L. No. 4-2008]
Incomes of less than $36,400 shall be exempted according to the following schedule:
"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. Such income shall include social security and retirement benefits, interest, dividends, net rental income, salary or earnings and net income from self-employment but shall not include gifts or inheritances. Income shall be offset by 50% of medical and prescription drug expenses actually paid which were not reimbursed or paid for by insurance.
Editor's Note: This local law stated that it would take effect 7-1-2007 and also provided that the Board of Trustees may increase the partial exemptions in the future by resolution.
Unless the title of the property shall have been 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; 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 the title 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, 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 if made for exemption and such periods of ownership shall be deemed to be consecutive for purposes of this section.
Unless the property is used exclusively for residential purposes.
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 all of the owners of the property, on forms prescribed by the State Board, to be furnished by the appropriate assessing authority, and shall furnish the information and be executed in the manner required or prescribed in such forms and shall be filed in such Assessor's office on or before the appropriate taxable status date.
At least 60 days prior to the appropriate taxable status date, the assessing authority shall mail to each person who was granted exemption pursuant to this article on the latest completed assessment roll an application form and a notice that such application must be filed on or before taxable status date and be approved in order for the exemption to be granted. Failure to mail any such application form and notice or the failure of such person to receive the same shall not prevent the levy, collection and enforcement of the payment of the taxes on property owned by such person.
Any conviction of having made any willfully false statement in the application for such exemption shall be punishable by a fine of not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.