[Amended 11-8-1970; 9-17-2007 by L.L. No. 3-2007]
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 siblings (two or more individuals having at least one common parent), one of whom is 65 years of age or over, shall be eligible for exemption from taxation by the Village of Huntington Bay to the extent of 50% of the assessed valuation thereof.
[Amended 12-11-1972; 1-13-1975; 8-8-1977; 9-17-2007 by L.L. No. 3-2007]
No exemption shall be granted:
If the income of the owner or the combined income of the owners of the property exceeds the sum of $27,000 for the calendar year immediately preceding the date of an application for exemption. Where title is vested in either a husband or wife, or two siblings, their combined income may not exceed such sum. Such income shall include social security payments, salary and wages (including bonuses), interest (including nontaxable interest on state or local bonds), total dividends, net earning from farming, rentals, business or profession (including amounts claimed as depreciation for income tax purposes), income from estates or trusts, gains from sales or exchanges, the total amount received from governmental or private retirement or pension plans, annuity payments (excluding amounts representing a return of capital), alimony, unemployment insurance payments, disability payments and workers compensation.
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 months prior to the date of making application for exemption.
Unless the property is used exclusively for residential purposes.
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.
Unless, upon yearly application for exemption, the qualifying owner submits the requisite proof of qualification together with their annual tax return (or if such owner is not required to file a tax return, an affidavit in lieu thereof attesting to the amount of their annual income) as proof of qualification by March 1 of such year, as per Subsection A above.
Application for such exemption must be made by the owner or all of the owners of the property on forms to be furnished by the appropriate assessing authority 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 at least 90 days before the day for filing the final assessment roll.
Any conviction for having made any willfully false statement 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.