The purpose of this article is to grant a partial
exemption from taxation to the extent of 50% of the assessed valuation
of real property which is owned by certain persons with limited income
who are 65 years of age or over and who meet the requirements set
forth in § 467 of the Real Property Tax Law of the State
of New York.
[Amended 2-16-1971 by L.L. No. 1-1971; 11-13-1972 by L.L. No.
1-1972; 9-9-1974 by L.L. No. 4-1974; 7-11-1977 by L.L. No.
5-1977; 2-13-1980 by L.L. No. 2-1980; 3-12-2001 by L.L. No.
2-2001; 2-24-2003 by L.L. No. 2-2003]
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 or by siblings, one of whom is 65 years of age or
over, shall be exempt from Town taxes to the extent of 50% of the
assessed valuation thereof, subject to the following conditions:
A. The owner or all of the owners of such real property
must file an application on forms provided by the Board of Real Property
Services in the Assessor's office on or before the first of May of
each year or at such date as may be hereafter fixed by law.
B. In order to be eligible for a fifty-percent tax exemption,
the income of the owner or the combined income of the owners of the
property shall not and may not exceed the sum of $24,000 for the income
tax year immediately preceding the date of making the application
for exemption. The "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 preceding calendar year.
Where title is vested in either the husband or the wife, their combined
income may not exceed such income. 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 the net income
from self-employment, but shall not include a return of capital, gifts
or inheritances, payments made to individuals because of their status
as victims of Nazi persecution, as defined in P.L. 103-286, or monies
earned through employment and the federal foster grandparent program,
and such income shall be offset by all medical and prescription drug
expenses actually paid which were not reimbursed or paid for by insurance.
In computing net rental income and net income from self-employment,
no depreciation deduction shall be allowed for the exhaustion or wear
and tear of real or personal property held for the production of income.
[Amended 2-23-2004 by L.L. No. 1-2004]
C. If the income of an eligible property owner or the
combined income of the owners of the property exceeds the sum of $24,000,
in the income tax year immediately preceding the date of making the
application for tax exemption, and is not greater than $32,400, said
owner shall be entitled to a partial exemption as follows:
[Amended 2-23-2004 by L.L. No. 1-2004]
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
|
$0 to $24,000.00
|
50%
|
|
$24,001.00 to $25,000.00
|
45%
|
|
$25,001.00 to $26,000.00
|
40%
|
|
$26,001.00 to $27,000.00
|
35%
|
|
$27,001.00 to $27,900.00
|
30%
|
|
$27,901.00 to $28,800.00
|
25%
|
|
$28,801.00 to $29,700.00
|
20%
|
|
$29,701.00 to $30,600.00
|
15%
|
|
$30,601.00 to $31,500.00
|
10%
|
|
$31,500.00 to $32,400.00
|
5%
|
D. The title to such real property shall have been vested
in the owner or all owners of such real property for at least 24 consecutive
months prior to the date of making application for exemption. (Note:
Notwithstanding any other provision of law, where a residence is sold
and replaced with another within one year and both residences are
within the state, the period of ownership of both properties shall
be deemed consecutive for purposes of the exemption from taxation
by a municipality within the state granting such exemption.)
E. The real property shall be used exclusively for residential
purposes.
F. The real property shall be the legal residence of
and shall be occupied in whole or in part by the owner or by all of
the owners of the same.
G. Applications for such exemption shall be made by the
owner or all of the owners of the property, upon forms prescribed
by the Board of Real Property Services to be furnished by the assessing
authority, and applicants shall furnish such information and shall
execute the application in the manner prescribed in such forms. Such
application must be filed with the Assessor on or before the first
day of May of each year or such other date as may be hereafter filed
by law.
H. All persons who meet the eligibility requirements
as set forth in § 467 of the Real Property Tax Law, as amended
from time to time hereafter, shall be eligible for such exemptions;
the Town Assessor shall utilize the criteria set forth in § 467
of the Real Property Tax to establish the maximum income limits permitted
by said law.