[Adopted 8-16-1966 by L.L. No. 5-1966;
amended in its entirety 11-17-1970 by L.L. No. 6-1970]
[Amended 2-13-1990 by L.L. No. 1-1990,
approved 3-2-1990]
Pursuant to the authority granted by § 467
of the Real Property Tax Law, real property in the County of Monroe
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 County of Monroe
to the extent of 50% of the assessed valuation thereof. Any person
otherwise qualifying under this article shall not be denied the exemption
under this article if such person becomes 65 years of age after the
appropriate taxable status date and on or before December 31 of the
same year.
No exemption shall be granted:
A.
Income of owner or owners.
(1)
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 the sum of $50,000, except that, if the after
said income is more than $50,000, then such real property shall be
exempt to the extent provided in the following schedule:
[Last amended 1-10-2023 by L.L. No. 1-2023,
approved 1-10-2023]
(a)
Income schedule.
|
Annual Income
|
Percentage of Assessed
Valuation Exempt
From Taxation
|
|---|---|
|
More than $50,000 but less than $51,000
|
45%
|
|
$51,000 or more but less than $52,000
|
40%
|
|
$52,000 or more but less than $53,000
|
35%
|
|
$53,000 or more but less than $53,900
|
30%
|
|
$53,900 or more but less than $54,800
|
25%
|
|
$54,800 or more but less than $55,700
|
20%
|
|
$55,700 or more but less than $56,600
|
15%
|
|
$56,600 or more but less than $57,500
|
10%
|
|
$57,500 or more but less than $58,400
|
5%
|
(2)
"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, 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 computing net rental income and net income from self-employment,
no depreciation deduction shall be allowed by the exhaustion wear
and tear of real or personal property held for the production of income.
B.
Unless the title of the property shall have been vested
in the owner or all of the owners of the property for at least 60
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 becomes vested solely in the survivor
by virtue of devise by or descent from 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 60 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 is made for exemption,
and such periods of ownership shall be deemed to be consecutive for
purposes of this article.
C.
Unless the property is used exclusively for residential
purposes.
D.
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 at least 90 days before the date for filing the final assessment
roll.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by fine of not more than $100 and shall disqualify the applicant or
applicants from further exemption for a period of five years.
