Pursuant to § 457 of the Real Property Tax Law of
the State of New York, the Town Board of the Town of Oyster Bay, after
due consideration, has provided for a partial real property tax exemption
for qualified first-time homeowners as specified below.
As used in this article, the following terms shall have the
meanings indicated:
FIRST-TIME HOMEBUYER
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 or state
income tax return, 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 the effective date of this article. "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 this state which is owner occupied by such homebuyer.
If any clause, sentence, paragraph, subdivision, section or
other part of this article shall for any reason be adjudged by any
court of competent jurisdiction to be unconstitutional or otherwise
invalid, such judgment shall not affect, impair, or invalidate the
remainder of this article, and it shall be construed to have been
the legislative intent to enact this article without such unconstitutional
or invalid parts therein.