[Amended 1-10-2022 by L.L. No. 2-2022]
Pursuant to § 467 of the New York State Real Property
Tax Law, 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, shall be exempt from
Town of South Bristol taxes to the extent shown below of the assessed
valuation thereof as determined by the owner's or owners'
corresponding annual income:
Annual Income
|
Reduction
|
---|
$0 to $19,300.00
|
50%
|
$19,300.01 to $20,299.99
|
45%
|
$20,300.00 to $21,299.99
|
40%
|
$21,300.00 to $22,299.99
|
35%
|
$22,300.00 to $23,199.99
|
30%
|
$23,200.00 to $24,099.99
|
25%
|
$24,100.00 to $24,999.99
|
20%
|
$25,000.00 to $25,899.99
|
15%
|
$25,900.00 to $26,799.99
|
10%
|
$26,800.00 to $27,699.99
|
5%
|
$27,700.00 or more
|
0%
|
This increase shall be effective with the 2022 assessment roll.
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 (“income tax year” shall have the meaning ascribed to it in § 467 of the New York State Real Property Tax Law) is equal to or exceeds the annual income amount set forth in §
153-6 hereof showing a 0% reduction. Where the 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 or wear and tear of real or personal property held for the production of income.
[Amended 1-10-2022 by L.L. No. 2-2022]
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 making of application for exemption.
C. Unless the real property is the legal residence of
and is occupied, in whole or in part, by the owner or by all the owners
of the property; provided, however, that in the event that any portion
of such property is not so used exclusively for residential purposes
but is used for other purposes, such portion shall be subject to taxation,
and the remaining portion only shall be entitled to the exemption
provided by this article.
D. Unless the real property is the legal residence of
and is occupied, in whole or in part, by the owner or by all the owners
of the property, provided that the owner who 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 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 property is not occupied by other than
the spouse or co-owner of such owner.
Application for such exemptions must be made
by the owner or all of the owners of the property on forms presented
by the State Board to be furnished by the Assessor's office at the
Town Clerk's office, Naples, New York, and shall furnish the information
and be executed in the manner required or prescribed in such form
and shall be filed in such Assessor's office on or before the appropriate
taxable status date.
Said Assessor may require any applicant to furnish
such other and further information as may be reasonably necessary
to establish qualifications for exemption of such applicant and may
establish such rules and procedures and take such other steps as may
be necessary to implement the provisions of this article.