[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]