This article is enacted pursuant to the provisions of § 457
of the Real Property Tax Law of the State of New York to grant a partial
exemption from taxation to certain first-time home buyers of newly
constructed or certain reconstructed homes, in order to promote home
ownership by persons of moderate income, which will in turn create
a positive climate for economic growth and attract future homeowners
who might otherwise opt to live elsewhere.
For purposes of this article, the following terms shall have
the meanings ascribed in this section:
FIRST-TIME HOME BUYER
A person who has not owned a primary residential property
and is not married to a person who has owned a residential property
during the three-year period prior to his or her purchase of the primary
residential property, and who does not own a vacation or investment
home.
HOUSEHOLD INCOME
The total combined income of all the owners, and of any owners'
spouses residing on the premises, for the income tax year preceding
the date of making application for the exemption.
INCOME
The "adjusted gross income" for federal income tax purposes
as reported on the applicant's latest available federal and state
income tax returns, subject to any subsequent amendments or revisions;
reduced by distributions, to the extent included in federal adjusted
gross income, received from an individual retirement account and an
individual retirement annuity, provided that, if no such return was
filed within the one-year period preceding taxable status date, "income"
shall mean the adjusted gross income that would have been so reported
if such a return had been filed. For purposes of this definition,
"latest available return" shall mean the federal or state income tax
return for the year immediately preceding the date of making application;
provided, however, that if the tax return for such tax year has not
been filed, then the income tax return for the tax year two years
preceding the date of making application shall be considered the latest
available.
NEWLY CONSTRUCTED
An improvement to real property which was constructed as
a primary residential property and which has never been occupied and
was constructed after November 28, 2001. "Newly constructed" shall
also mean that portion of a primary residential property that is altered,
improved or reconstructed.
PRIMARY RESIDENTIAL PROPERTY
Any one- or two-family house, townhouse or condominium located
in the Town of Busti, outside the Village of Lakewood, which is owner-occupied
by such home buyer.
The making of any willful false statement in the application
for an exemption under this article shall be a violation thereof,
and a conviction for any such violation shall be punishable by a fine
of not more than $250 or imprisonment for not more than 15 days, or
both.