Village of Waterloo, NY Persons Over 65 and Persons With Disabilities and Limited Income

Persons over the age of 65 years. Real property located in the Village of Waterloo, New York, and owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife, or by siblings, one of whom is 65 years of age or over, or real property owned by one or more persons, some of whom qualify under this section and the others of whom qualify under Real Property Tax Law § 459-c shall be exempt from taxation to a maximum of 50% of the assessed valuation thereof. 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on real property owned by husband and wife, one of whom is 65 years of age or over, once granted, shall not be rescinded solely because of the death of the older spouse so long as the surviving spouse is at least 62 years of age. For the purposes of this section, “sibling” shall mean a brother or a sister, whether related through half blood, whole blood or adoption.

[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II)]

Persons with disabilities or limited income by reason of disability.

(1)

Real property located in the Village of Waterloo, New York, and owned by one or more persons with disabilities, or real property owned by a husband, wife, or both, or by siblings, at least one of whom has a disability, or real property owned by one or more persons, some of whom qualify under Subsection A of this section, and whose income is limited by reason of such disability, shall be exempt from taxation to a maximum of 50% of the assessed valuation thereof. Such exemption shall be computed after all other exemptions allowed by law have been deducted from the total assessed valuation.

(2)

For purposes of this subsection: "sibling" shall mean a brother or a sister, whether related through half blood, whole blood or adoption.

(3)

For purposes of this subsection, a person with a disability is one who has a physical or mental impairment, not due to current use of alcohol or illegal drug use, which substantially limits such person's ability to engage in one or more major life activities, such as caring for one's self, performing manual tasks, walking, seeing, hearing, speaking, breathing, learning and working, and who:

(a)

Is certified to receive social security disability insurance (SSDI) or supplemental security income (SSI) benefits under the Federal Social Security Act; or

(b)

Is certified to receive railroad retirement disability benefits under the Federal Railroad Retirement Act; or

(c)

Has received a certificate from the State Commission for the Blind and Visually Handicapped stating that such person is legally blind; or

(d)

Is certified to receive a United States Postal Service disability pension.

(4)

An award letter from the Social Security Administration or the Railroad Retirement Board, or a certificate from the State Commission for the Blind and Visually Handicapped, or an award letter from the United States Postal Service shall be submitted as proof of disability.

Limitation on amount of exemption.

(1)

Any exemption provided by this section shall be computed after all other partial exemptions allowed by law, excluding the school tax relief (STAR) exemption authorized by § 425 of the Real Property Tax Law, have been subtracted from the total amount of assessed value; provided, however, that no parcel may receive an exemption pursuant to both Subsection A and Subsection B of this section.

(2)

The percent of assessed valuation exempt from taxation shall not exceed the percent determined according to the following schedule:

Income	Percent of Assessed Valuation Not Subject to Taxation
Up to $15,000	50%
$15,001 to $15,999	45%
$16,000 to $16,999	40%
$17,000 to $17,999	35%
$18,000 to $18,899	30%
$18,900 to $19,799	25%
$19,800 to $20,699	20%
$20,700 to $21,599	15%
$21,600 to $22,499	10%

No exemption shall be granted:

(1)

If the income of the owner or the combined incomes of the owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds the sum of $22,499. "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, except where the husband or wife, or ex-husband or ex-wife, is absent from the property due to divorce, legal separation or abandonment, then only the income of the spouse or ex-spouse residing on the property shall be considered and 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, inheritances or monies earned through employment in the Federal Foster Grandparent Program, and any such income shall be offset by all medical and prescription drug expenses actually paid which were not reimbursed or paid for by insurance. 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.

(2)

Unless the property is 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.

(3)

Unless the property is the legal residence of and is occupied in whole or in part by the person to whom the exemption is granted, except where such person 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 considered income for the purposes of this section only to the extent that it exceeds the amount paid by that person, or spouse or sibling of that person, for care in the facility.

Property owned by a cooperative apartment corporation.

(1)

Title to that portion of real property owned by a cooperative apartment corporation in which a tenant-stockholder of such corporation resides, and which is represented by his share or shares of stock in such corporation as determined by its or their proportional relationship to the total outstanding stock of the corporation, including that owned by the corporation, shall be deemed to be vested in such tenant-stockholder.

(2)

That proportion of the assessment of such real property owned by a cooperative apartment corporation determined by the relationship of such real property vested in such tenant-stockholder to such entire parcel and the buildings thereon owned by such cooperative apartment corporation in which such tenant-stockholder resides shall be subject to exemption from taxation pursuant to this section and any exemption so granted shall be credited by the appropriate taxing authority against the assessed valuation of such real property; the reduction in real property taxes realized thereby shall be credited by the cooperative apartment corporation against the amount of such taxes otherwise payable by or chargeable to such tenant-stockholder.

Application for such exemption must be made annually by the owner, or all of the owners of the property, on forms prescribed by the Commissioner of Taxation and Finance, and shall be filed in such assessor's office on or before the appropriate taxable status date; provided, however, that proof of a permanent disability need be submitted only in the year exemption pursuant to this section is first sought or the disability is first determined to be permanent.

[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II)]

At least 60 days prior to the appropriate taxable status date, the assessor shall mail to each person who was granted exemption pursuant to this section on the latest completed assessment roll an application form and a notice that such application must be filed on or before the taxable status date and be approved in order for the exemption to continue to be granted. Failure to mail such application form or the failure of such person to receive the same shall not prevent the levy, collection and enforcement of the payment of the taxes on property owned by such person.

Notwithstanding any other provision of law to the contrary, the provisions of this section shall apply to real property held in trust solely for the benefit of a person or persons who would otherwise be eligible for a real property tax exemption, pursuant to Subsection A of this section, were such person or persons the owner or owners of such real property.