[Adopted 11-20-1978 by L.L. No. 3-1978]
A.
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, and located within
the Village limits of the Village of Montour Falls shall be exempt
from taxation by the Village of Montour Falls in accordance with the
following sliding scale dependent upon income:
[Amended 12-1-1997 by L.L. No. 2-1997]
|
Annual Income of Owner or Combined Annual
Income of Owners
|
Percentage Assessed Valuation Exempt From
Taxation
|
|---|---|
|
Up to $10,000
|
50%
|
|
$10,000 or more but less than $11,000
|
45%
|
|
$11,000 or more but less than $12,000
|
40%
|
|
$12,000 or more but less than $13,000
|
35%
|
|
$13,000 or more but less than $13,900
|
30%
|
|
$13,900 or more but less than $14,800
|
25%
|
|
$14,800 or more but less than $15,700
|
20%
|
B.
The real property tax exemption on real property owned
by husband and wife, one of whom is 65 years of age or over, once
granted, shall not be rescinded solely because of the death of the
older spouse so long as the surviving spouse is at least 62 years
of age.
No exemption shall be granted:
A.
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 $15,700. "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 for the exhaustion, wear
and tear of real or personal property held for the production of income.
[Amended 12-1-1997 by L.L. No. 2-1997]
B.
Unless the title of the property shall have been vested
in the owner or one 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 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, 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 transferor or spouse shall be deemed also a
time of ownership by the transferee spouse and such ownership shall
be deemed continuous for the purpose 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 is made for exemption and such periods of ownership
shall be deemed to be consecutive for purposes of this section. Where
a residence is sold and replaced with another within one year and
is in the same assessing unit or municipality, the period of ownership
of the former property shall be combined with the period of ownership
of the replacement residence and deemed consecutive for exemption
from taxation by each such assessing unit or municipality; provided,
however, that where the replacement property is in the same assessing
unit but in another school district, the periods of ownership of both
properties shall also be deemed consecutive for purposes of the exemption
from taxation by such school district. 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 purpose of the
exemption from taxation by a municipality within the state granting
such exemption.
C.
Unless the property is used exclusively for rental
purposes.
D.
Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or 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 31st day of December.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by a fine of not more than one hundred dollars and shall disqualify
the applicant or applicants from further exemption for a period of
five years.
