The purpose of this article is to provide a
partial exemption for certain owners of real property located within
the Village, such exemption to be dependent upon the age or ages of
the owners of such real property and the income attributable to such
owners from whatever source derived.
The exemption provided for herein will not be
granted in the following circumstances:
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 $16,500. The term "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, total gain from the
sale or exchange of a capital asset which may be offset by a loss
from the sale or exchange or 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.
B. If the property is not used exclusively for residential
purposes.
C. If the real property is not the legal residence of
and occupied in whole or in part by the owner or by all the owners
of the property, provided that an owner that is absent while receiving
health-related care as an inpatient of a residential health care facility
(as defined in § 2801 of the Public Health Law of the State
of New York) shall be deemed to remain a legal resident and an occupant
of the property while so confined, and income accruing to that person
shall be income only to the extent that it exceeds the amount paid
by such owner, spouse or co-owner for care in the facility, and provided,
further, that during such confinement such real property is not occupied
by anyone other than the spouse or co-owner(s) of such owner.
D. If title to the real property is partially vested
in any individual, person or entity not eligible for the exemption
under this article.
Any conviction of having made any willful false statement in the application for the exemption shall be punishable as provided in Chapter
1, Article
I of this Code and shall disqualify the applicant or applicants from any further exemptions for a period of five years.