[Adopted 11-10-1982[1]]
[1]
Editor's Note: This resolution amended and replaced a resolution adopted 10-13-1980 which, in turn, amended and replaced an earlier resolution.
[Amended 1-11-1984; 1-2-1991; 1-30-1992; 1-13-1993]
A. 
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 or ex-husband or ex-wife, one of whom is 65 years of age or over, shall be exempt from taxation by the Town of Schaghticoke to the extent of a maximum of 50% of assessed valuation, the amount of said exemption to be determined as set forth below.
B. 
Conditions for exemption.
(1) 
No exemption shall be granted unless an annual application is made therefor.
(2) 
No exemption shall be granted unless all requirements and provisions set forth in § 467 of the Real Property Tax Law are complied with.
(3) 
No exemption shall be granted 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 the application for the exemption exceeds:
[Amended 2-10-1999; 11-20-2000; 5-12-2004 by L.L. No. 1-2004; 4-11-2007 by L.L. No. 4-2007]
Income
Tax Year
$34,400
2006
$35,400
2007
$36,400
2008
$37,400
2009 or later
(4) 
The extent of the exemption to be granted shall be determined from the following table:
[Amended 12-14-1994; 11-12-1997; 1-14-1998; 2-10-1999; 11-20-2000; 4-9-2003 by L.L. No. 1-2003; 5-12-2004 by L.L. No. 1-2004; 12-13-2006 by L.L. No. 4-2006]
Aged Exemption Income Schedule for 2007 Through 2010+ Tentative Assessment Roll Years
Annual Income
2007
2008
Percentage of Exemption
$0 to $26,000
$0 to 27,000
50%
$26,001 to $27,000
$27,001 to $28,000
45%
$27,001 to $28,000
$28,001 to $29,000
40%
$28,001 to $29,000
$29,001 to $30,000
35%
$29,001 to $29,900
$30,001 to $30,900
30%
$29,901 to $30,800
$30,901 to $31,800
25%
$30,801 to $31,700
$31,801 to $32,700
20%
$31,701 to $32,600
$32,701 to $33,600
15%
$32,601 to $33,500
$33,601 to $34,500
10%
$33,501 to $34,400
$34,501 to $35,400
5%
Annual Income
2009
2010
Percentage of Exemption
$0 to $28,000
$0 to $29,000
50%
$28,001 to $29,000
$29,001 to $30,000
45%
$29,001 to $30,000
$30,001 to $31,000
40%
$30,001 to $31,000
$31,001 to $32,000
35%
$31,001 to $31,900
$32,001 to $32,900
30%
$31,901 to $32,800
$32,901 to $33,800
25%
$32,801 to $33,700
$33,801 to $34,700
20%
$33,701 to $34,600
$34,701 to $35,600
15%
$34,601 to $35,500
$35,601 to $36,500
10%
$35,501 to $36,400
$36,501 to $37,400
5%
(5) 
"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 the aforementioned sums, except where the husband or wife, or ex-husband or ex-wife, is absent from the property as provided in § 467 of the Real Property Tax Law, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed the aforementioned sums. 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 moneys 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.
[Amended 4-9-1997]