Exemptions authorized by this article and Real Property Tax
Law § 459-c shall be provided from time to time by a schedule
adopted by resolution of the Town Board, which schedule shall not
be inconsistent with the provision of Real Property Tax Law § 459-c
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 as adopted by the Town Board and on file in the Town
offices. If such income does not exceed said sum so established, then
the real property shall be exempt from taxation by the Town to the
extent established by such schedule. "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 capital asset in the same income
tax year, net rental income, salary or earnings, veterans disability
compensation and net income from self-employment, but shall not include
a return of capital, gifts, inheritances, payments made to individuals
because of their status as victims of Nazi persecution, as defined
by law, or monies earned through employment in the federal Foster
Grandparent Program. In computing net rental income from self-employment,
no depreciation deduction shall be allowed for the exhaustion or wear
and tear of real or personal property held for the production of income.
B. Unless the real property is used exclusively for residential purposes,
except as otherwise provided in Real Property Tax Law § 459-c.
C. Unless the real property is the legal residence of and is occupied
in whole or in part by the disabled person, except as otherwise provided
in Real Property Tax Law § 459-c.
Annual application for such exemption must be made by the owner
or all of the owners of the property on forms furnished by the Town
Assessor's office and shall be filed in the Town Assessor's office
on or before March 1 of each year. However, proof of a permanent disability
may be submitted only in the year the exemption is first sought or
the disability is first determined to be permanent.