[Amended 2-6-2024 by L.L. No. 3-2024]
A.
In order to qualify by age for the senior citizen real property tax assessment exemption established by § 467 of the RPTL of the State of New York, all of the owners of the real property must be at least 65 years of age or older, or in the case of real property owned by husband and wife or by siblings, one of the owners must be at least 65 years of age as of December 31 of the tax year for which such application for exemption is being made, provided the application is submitted prior to Taxable Status Day, that being March 1 of the tax year for which the exemption application is being made. This article shall apply to applications made for the tax year 2024 and subsequent years.
B.
Income eligibility levels.
(1)
The income of the owner or the combined income of the owners for the income tax year immediately preceding the date of making application for exemption must fall within the following scale:
Annual Income | Percentage of Assessed Valuation Exemption From Taxation |
|---|---|
$0 to $18,000 | 50% |
$18,000.01 to $18,999.99 | 45% |
$19,000 to $19,999.99 | 40% |
$20,000 to $20,999.99 | 35% |
$21,000 to $21,899.99 | 30% |
$21,900 to $22,799.99 | 25% |
$22,800 to $23,699.99 | 20% |
$23,700 to $24,599.99 | 15% |
$24,600 to $25,499.99 | 10% |
$25,500 to $26,399.99 | 05% |
(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 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.
(3)
"Income" shall mean the adjusted gross income for federal income tax purposes as reported on the applicant's federal or state income tax return for the applicable income tax year, subject to any subsequent amendments or revisions, plus any social security benefits not included in such federal adjusted gross income; provided that if no such return was filed for the applicable income tax year, the applicant's income shall be determined based on the amounts that would have so been reported if such a return had been filed. Distributions received from an individual retirement account or individual retirement annuity shall also be included within the meaning of income.