[Adopted 2-12-2008 by L.L. No. 1-2008[1]]
[1]
Editor's Note: This local law also superseded former
Article II, Exemptions for Senior Citizens and for Persons with Disabilities,
adopted 1-10-2007 by L.L. No. 1-2007.
This article is enacted in accordance with the provisions of
§§ 467 and 459-c of the New York State Real Property
Tax Law. All definitions, terms and conditions of such statutes shall
apply to this article.
A.
Real property in the Town of Coxsackie 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, shall be exempt from taxation by the Town to the extent of 50% of the assessed valuation thereof, as hereinafter set forth in § 183-3.2. Such exemption shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed.
B.
Real property owned by a person with disabilities whose income is
limited by such disabilities, and used as the legal residence of such
person, shall be entitled to a partial exemption from taxation to
the extent of 50% of assessed valuation.
A.
To be eligible for the exemptions provided by § 467 or 459-c of the New York State Real Property Tax Law and implemented by this article, the maximum income of such persons defined in either § 183-3.1A or B shall not exceed $18,500 to qualify for the fifty-percent exemption. Additionally, any such person having a higher income shall be eligible for an exemption in accordance with the following schedule:
|
Annual Income
|
Percentage Assessed Valuation Exempt from Taxation
| |
|---|---|---|
|
More than $18,500.01 but less than $19,499.99
|
45%
| |
|
$19,500.00 or more but less than $20,499.99
|
40%
| |
|
$20,500.00 or more but less than $21,499.99
|
35%
| |
|
$21,500.00 or more but less than $22,399.99
|
30%
| |
|
$22,400.00 or more but less than $23,299.99
|
25%
| |
|
$23,300.00 or more but less than $24,199.99
|
20%
| |
|
$24,200.00 or more but less than $25,099.99
|
15%
| |
|
$25,100.00 or more but less than $25,999.99
|
10%
| |
|
$26,000.00 or more but less than $26,899.99
|
5%
|
B.
Income tax year shall mean a twelve-month period for which the owner
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 shall be considered. 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 veterans disability compensation,
as defined in Title 38 of the United States Code. In computing net
rental income from self-employment no depreciation shall be allowed
for the exhaustion, wear and tear of real or personal property held
for the production of income.
Such income shall be offset by medical and prescription drug
expenses actually paid which were not reimbursed or paid for by insurance
in the case of an exemption pursuant to § 459-c of the Real
Property Tax Law.
Notwithstanding any other provision of the law, the Assessor
of the Town of Coxsackie is authorized to accept applications for
renewal of exemptions after the taxable status date on or before the
date for the hearing of complaints from the owner, or all of the owners,
of property which has received a tax exemption.
No exemption in either case shall be granted unless the property
is used exclusively for residential purposes; provided, however, that
in the event 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 herein.
In accordance with § 467, Subdivision 1, and § 459-c
of the Real Property Tax Law, upon proper application, future increases
to the maximum income eligibility levels as provided in the aforementioned
provisions of the Real Property Tax Law to the extent provided therein,
as it is amended from year to year, may be made by resolution rather
than local law.
This article is specifically intended to be in effect for the
March 1, 2008, taxable status date for applications received for preparation
of the 2008 assessment rolls.
