[Adopted 2-16-2010 by L.L. No. 1-2010]
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,
one of whom is 65 years of age or over, shall be exempt from taxation
by the Village of Cooperstown in accordance with the following exemption
schedule:
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If the income of the owner or combined income of the owners
of the property for the income tax year immediately preceding the
date of making application for exemption:
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a)
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Falls between $0 and $16,000, the exemption shall be 50% of
Village tax
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b)
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Falls between $16,001 and $17,000, the exemption shall be 45%
of Village tax
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c)
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Falls between $17,001 and $18,000, the exemption shall be 40%
of Village tax
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d)
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Falls between $18,001 and $19,000, the exemption shall be 35%
of Village tax
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e)
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Falls between $19,001 and $20,000, the exemption shall be 30%
of Village tax
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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 of $20,000. "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 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 real or personal property
held for the production of income.
B.
Unless the title of the property shall have been vested in the owner
or one 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 the death of either husband or wife in whose
name title of the property shall have been vested at the time of death
and then becomes vested solely in the survivor by virtue of devise
by or descent from the deceased husband or wife, the time of ownership
of the property by the deceased husband or wife shall be deemed also
a time of ownership by the survivor, and such ownership shall be deemed
continuous for the purposes of computing such period of twenty-four
consecutive months; and provided, further, that in the event of a
transfer by either a husband or wife to the other spouse of all or
part of the title to the property, the time of ownership of the property
by the transferor spouse shall be deemed also a time of ownership
by the transferee spouse, and such ownership shall be deemed continuous
for the purposes of computing such period of twenty-four consecutive
months; 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 their 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 the purposes of this article.
Where a residence is sold and replaced with another within one year
and is in the Village, the period of ownership of the former property
shall be combined with the period of ownership of the replacement
residence and deemed consecutive for exemption from taxation by the
Village.
C.
Unless the property is used exclusively for residential purposes;
provided, however, that in the event any portion of such property
is not so used exclusively for residential purposes but is used for
other purposes, such portion shall be subject to taxation, and the
remaining portion only shall be entitled to the exemption provided
by this article.
D.
Unless the real property is the legal residence of and is occupied
in whole or part by the owner or by all of the owners of the property,
provided that an owner who is absent while receiving health-related
care as an inpatient of a residential health care facility, as defined
in § 2801 of the Public Health Law, shall be deemed to remain
a legal resident and an occupant of the property while so confined
and income accruing to that person shall be income only to the extent
that it exceeds that amount paid by such owner, spouse or co-owner
for care in the facility; and provided, further, that during such
confinement such property is not occupied by other than the spouse
or co-owner of such owner.
An 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
assessors of the various assessing units in the Village and shall
be executed in the manner required or prescribed in such forms, and
they shall be filed in the office of the appropriate assessor at least
90 days before the day for filing the final assessment roll.
This article is adopted pursuant to provisions of the Real Property
Tax Law of the State of New York and is subject to any revision of
that section by act of the Legislature of the State of New York by
amendment, rescission or otherwise. It being intended hereby to have
this article automatically amended by an Act of Legislature which
shall affect the exemption granted hereunder.
This article specifically repeals, replaces and supersedes any
prior senior citizen tax exemption (i.e., for persons who are 65 years
of age or over) currently in effect in the Village.
This article shall take effect on and after the occurrence of
the first "tax status date" following its adoption and filing with
the New York Secretary of State.
