[Amended 11-26-1984 by L.L. No. 6-1984; 8-21-1989 by L.L. No. 6-1989; 6-18-1990 by L.L. No. 1-1990; 6-7-1991 by L.L. No. 3-1991; 3-16-1992 by L.L. No.
4-1992]
Real property in the Village of Cornwall-on-Hudson owned by
one or more persons, each of whom is 65 years of age or over, or real
property owned by husband and wife, one of whom is 65 years of age
or over, shall be exempt from taxation by the Village of Cornwall-on-Hudson
to the extent established from time to time by resolution of the Village
Board of Trustees following a public hearing upon compliance with
the provisions of this article for the fiscal year for which an application
is filed.
No exemption shall be granted:
A. 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 application for exemption exceeds the sum established in
the schedule contained in § 145-1B. "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 such sum. 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 or inheritances. In computing net rental income and
net income from self-employment, no depreciation deduction shall be
allowed for the exhaustion, wear and tear of personal property held
for the production of income.
[Amended 11-26-1984 by L.L. No. 6-1984]
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 24 consecutive months
prior to the date of making application for exemption; provided, however,
that in the event of a transfer of all or a part of the title to the
property between spouses, whether by deed, devise, bequest or operation
of law, the time of ownership shall be deemed continuous for the purposes
of computing the twenty-four-consecutive-month period, 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 former 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. Where a residence is sold
and replaced with another within one year and both residences are
within the state, the period of ownership of both properties shall
be deemed consecutive for purposes of the exemption from taxation
by the Village of Cornwall-on-Hudson.
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 to be furnished by the
Village Assessor's office, as the case may be, 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 of having made any willful 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.