[HISTORY: Adopted by the Township Board of the Township of
New Buffalo as indicated in article histories. Amendments noted where
applicable.]
[Adopted 5-15-1995 by Ord. No. 950515B]
Whenever used in this article, except when otherwise indicated
by the context, the following terms shall have the following meanings:
Refers to a condition in which the combined income of all
owners of a homestead meets the federal poverty income standards as
defined and determined annually by the United States Office of Management
and Budget.
A dwelling or a unit in a multiple-unit dwelling, owned and
unoccupied as a home by the owner thereof, including all contiguous
unoccupied real property owned by the person. "Homestead" includes
a dwelling and an outbuilding used in connection with a dwelling,
situated on the lands of another.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The sum of federal adjusted gross income as defined in the
internal revenue code plus all income specifically excluded or exempt
from the computations of the federal adjusted gross income except
that beginning with the 1988 tax year, a deduction for a carry back
or carryover of a net operating loss shall not exceed federal modified
taxable income as defined in Section 172(b)(2) of the Internal Revenue
Code.[1] The term does not include the first $300 of gifts in cash
or kind from nongovernmental sources or the first $300 received from
awards, prizes, lottery, bingo, or other gambling winnings. Income
does not include surplus foods, relief in kind supplied by a governmental
agency, payments or credits under this act, any governmental grant
that has to be used by the claimant for rehabilitation of the homestead,
amounts deducted from monthly social security or railroad retirement
benefits for Medicare premiums, or contributions by an employer to
life, accident, or health insurance plans. Income does not include
energy assistance grants and energy assistance tax credits. A person
who is enrolled in an accident or health insurance plan may deduct
from income the amount the person has paid in premiums in the tax
year for that insurance plan for the person's family.
A natural person who owns or is purchasing a homestead under
a mortgage or land contract or who owns a dwelling situated on the
leased lands of another or is a tenant stockholder of a cooperative
housing corporation.
[1]
Editor's Note: See 26 U.S.C. § 172(b)(2).
The payment of special assessments assessed and due and payable
on a homestead in any year in which the owner(s) meets the hardship
condition of this article shall be deferred, upon the request of the
owner(s) until one year after the owner's death, subject to further
order by the probate court, or until the homestead or any part thereof
is conveyed or transferred to another or a contract to sell is executed
or until a request for termination is filed by the owner(s).
Any deferred assessment shall constitute a lien against the
homestead until paid.
Upon termination of the deferment of a special assessment pursuant to § 391-2, the deferred payments shall become immediately due and payable. Payment shall include interest computed for the period of deferment at the rate set in the resolution confirming the related special assessment roll.
