[Adopted 3-25-1980 by L.L. No. 2-1980]
[Amended 11-4-1985 by L.L. No. 17-1985]
A.
Property exemption granted. Real property in the Village
of Montgomery 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 taxation by
the Village of Montgomery, to the extent established from time to
time by resolution of the Board of Trustees following public hearing,
upon compliance with provisions of this article for the fiscal year
for which an application is filed.
[Amended 12-5-1989 by L.L. No. 3-1989]
B.
Conditions of exemption. No exemptions shall be granted:
(1)
If the income of the owner or the combined income
of the owners of the property exceeds the sum of $12,199 for the income
tax year immediately preceding the date of making application for
exemption. The term "income tax year" shall mean the twelve-month
period for which the owner or owners file 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 gains 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 tax year,
net rental income, salary or earnings and net income from self-employment,
but shall not include 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 property
held for the production of income.
(2)
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 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 device 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; provided, further, that 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; and provided, further, that 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, and further provided that
where a residence is sold and replaced with another within one year
and is in the same assessment unit, 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. Notwithstanding any other provision of law, 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.
(3)
Unless the property is used exclusively for residential
purposes.
(4)
Unless the property is the legal residence of and
is occupied in whole or in part by the owner or by all of the owners
of the property.
Annual application for such exemption must be
made by the owner or all of the owners of the property, on forms prescribed
by the State Board of Equalization and Assessment to be furnished
by the Village Assessor's office, and shall furnish the information
and be executed in the manner required or prescribed in such forms,
and shall be filed in such Assessor's office on or before the first
day of January.
At least 60 days prior to the first day of January,
the Village Assessor shall mail to each person who was granted exemption
pursuant to this chapter 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 be granted. The assessing authority shall, within
three days of the completion and filing of the tentative assessment
roll, notify by mail any applicant who has included with his application
at least one self-addressed, prepaid envelope of the approval or denial
of the application; provided, however, that the assessing authority
shall, upon the receipt and filing of the application, send by mail
notification of receipt to any applicant who has included two of such
envelopes with the application. Where an applicant is entitled to
a notice of denial pursuant to this section, such notice shall be
on a form prescribed by the State Board and shall state the reasons
for such denial and shall further state that the applicant may have
such determination reviewed in the manner provided by law. Failure
to mail any such application form and notice of 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.
[Amended 11-4-1985 by L.L. No. 17-1985]
Any conviction of having made any willful false
statements 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.
