Pursuant to § 467 of the Real Property Tax Law of
the State of New York, real property owned by one or more persons,
each of whom is 65 years of age or over, shall be exempt of 50% of
the assessed valuation thereof, except that no exemption shall be
allowed or granted:
A. If the income of the owner or the combined income of the owners of
the property exceeds the sum of $12,500 for the income tax year immediately
preceding the date of making application for exemption. "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,
rental income, salary or earnings and income from self-employment
but shall not include gifts or inheritances.
[Amended 2-27-1973; 5-10-1977 by L.L. No. 3-1977; 11-14-1978 by L.L. No. 3-1978; 2-9-1982 by L.L. No. 1-1982; 11-23-1982 by L.L. No. 4-1982; 2-23-1988 by L.L. No. 1-1988; 7-24-1990 by L.L. No. 4-1990; 1-28-1992 by L.L. No.
2-1992]
B. Unless the title of the property shall have been vested in the owner
or all of the owners of the property for at least 12 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 devise
by or descent from the deceased husband or wife, the time of ownership
of the property of 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 purpose of computing such period of 12 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, the period of ownership of the 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.
C. Unless the property is used exclusively for residential purposes.
D. Unless the real 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.
Application for such exemption must be made by the owner or
all of the owners of the property on forms furnished by the Village
of Medina and shall furnish the information and be executed in the
manner required or prescribed in such forms and shall be filed in
the Village Treasurer's office on or before the taxable status
date of the Village of Medina.
It shall be unlawful to willfully make a false statement in
such application for such exemption, and any person, upon conviction
of having made any willful false statement in such application for
such exemption, shall be punishable by a fine or penalty of not more
than $100, and such person shall be disqualified from further exemption
under the provisions of this article for a period of five years.