[Adopted 12-8-1966]
[Amended 3-8-1984]
The purpose of this article is to grant a partial exemption from Town taxation to the extent set forth in § 144-2B(2) of the assessed valuation of real property which is owned by certain persons with limited income who are 65 years of age or over meeting the requirements set forth in § 467 of the Real Property Tax Law.
Real property owned by one or more persons, each of whom is 65 years 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 taxes, except special ad valorem levies or special assessments, to the extent set forth in § 144-2B(2) of the assessed valuation, subject to the following conditions:
A.
The owner, or if there is more than one owner, then
all of the owners, of the property must file an application annually
in the Assessors office, in the Town of Stanford, on forms furnished
by said Assessors' office, which forms shall furnish the information
and be executed in the manner required or prescribed in such forms
on or before the appropriate taxable status date.
[Amended 3-8-1984]
B.
Percentage of exemption; maximum annual income range.
[Amended 3-16-1971; 12-20-1972; 4-10-1975; 9-10-1981; 3-8-1984; 11-14-1985; 4-12-1990 by Ord. No. 1-1990; 2-24-1992 by L.L. No.
1-1992; 3-11-1993 by L.L. No. 1-1993]
(1)
The income of the owner or the combined income of the owners of the property must not exceed the income levels set forth in Subsection B(2) below for the income tax year immediately preceding the date of the filing for the application for exemption. "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 and wear and tear of real or personal property held for the production of income. If the husband or wife or ex-husband or ex-wife is absent from the property as provided in § 144-2E, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum.
(2)
The percentage of exemption shall be based on the
maximum annual income range specified herein as follows:
[Amended 5-12-2005 by L.L. No. 3-2005; 9-14-2023 by L.L. No. 4-2023]
|
Annual Income Range
(combined, if applicable)
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$0 to $41,600
|
50%
|
|
More than $41,600, but less than $42,600
|
45%
|
|
More than $42,600, but less than $43,600
|
40%
|
|
More than $43,600, but less than $44,600
|
35%
|
|
More than $44,600, but less than $45,500
|
30%
|
|
More than $45,500, but less than $46,400
|
25%
|
|
More than $46,400, but less than $47,300
|
20%
|
|
More than $47,300, but less than $48,200
|
15%
|
|
More than $48,200, but less than $49,100
|
10%
|
|
More than $49,100, but less than $50,000
|
5%
|
|
$50,000 or more
|
0%
|
C.
The title of the property must be 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. 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 spouse shall be
deemed also a time of ownership by the transferee spouse and such
ownership shall be deemed continuous for the purposes of computing
such period of 24 consecutive months. 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
both residences are within the state, the period of ownership of both
properties shall be deemed consecutive for purposes of the exemption
from taxation by a municipality within the state granting such exemption.
Where the owner or owners transfer title to property which as of the
date of transfer, was exempt from taxation under the provisions of
this section, the reacquisition of title by such owner or owners within
nine months of the date of transfer shall be deemed to satisfy the
requirement of this subsection that the title of the property shall
have been vested in the owner or one of the owners for such period
of 24 consecutive months. Where, upon or subsequent to the death of
an owner or owners, title to property which, as of the date of such
death, was exempt from taxation under such provisions becomes vested,
by virtue of devise or descent from the deceased owner or owners or
by transfer by any other means within nine months after such death,
solely in a person or persons who, at the time of such death, maintained
such property as a primary residence, the requirement of this subsection
that the title of the property shall have been vested in the owner
or one of the owners for such period of 24 consecutive months shall
be deemed satisfied.
[Amended 2-24-1992 by L.L. No. 1-1992]
D.
The property must be used exclusively for residential
purposes; 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 section.
[Amended 2-24-1992 by L.L. No. 1-1992]
E.
The real property must be the legal residence and
be occupied in whole or in part by the owner or by all of the owners
of the property, except where an owner is absent from the residence
while receiving health-related care as an inpatient of a residential
health-care facility as defined in § 2801 of the Public
Health Law, provided that any 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 the 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; or the real property
is owned by a husband and/or wife or an ex-husband and/or ex-wife
and either is absent from the residence due to a divorce, legal separation
or abandonment and all other provisions of this section are met, provided
that where an exemption was previously granted when both resided on
the property, then the person remaining on the real property shall
be sixty-two years of age or older.
[Added 2-24-1992 by L.L. No. 1-1992;
amended 3-11-1993 by L.L. No. 1-1993]
Any conviction of having made any willfully
false statement in the application for such exemption shall be punishable
by a fine of not more than $100 and shall disqualify the applicant
or applicants from further exemption for a period of five years.
