This article is adopted pursuant to Real Property Tax Law § 457
for the purpose of providing a partial exemption from Village of Liberty
real property taxes for qualified first-time homebuyers 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 primary 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 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 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 Village of Liberty 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 a 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.