Pursuant to the authority conferred by Real Property Tax Law
§ 459-c, the purpose of this article is to grant persons
with disabilities who meet the requirements set forth in that state
statute a partial residential real property tax exemption up to 50%
of the assessed value.
No exemptions shall be granted hereunder:
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 the maximum
income exemption eligibility level for the granting of partial exemption
from real property taxation as provided herein. "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 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 or veterans' disability compensation,
as defined in Title 38 of the United States Code, and any such income
shall be offset by all medical and prescription drug expenses actually
paid which were not reimbursed or paid for by insurance. In computing
net rental income and net income from selfemployment, 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 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 a husband or wife in whose
name the 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 or by 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 24 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 transfer or 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 24 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 other 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 purposes of this section. Where
a residence is sold and replaced with another within one year and
is in the same assessing unit or municipality, 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 each such assessing unit or municipality; provided,
however, that, where the replacement property is in the same assessing
unit but in another school district, the period of ownership of both
properties shall also be deemed consecutive for purposes of the exemption
from taxation by such school district. Notwithstanding any other provision
of law, where a residence is sold and replaced with another within
one year and both residences are within the state, the period of ownership
of both properties shall be deemed consecutive for purposes of the
exemption from taxation by a municipality within the state granting
such exemption.
C. Unless the property is used exclusively for residential purposes.
D. Unless the real property is the legal and primary residence of, and
is occupied in whole or in part by, the owner or by all of the owners
of the property.
Application for an exemption pursuant to this article must be
filed by the owner, or by all of the owners of the property, annually
in the Assessor's office on forms prescribed by the New York
State Board of Real Property Services on or before the appropriate
taxable status date.
As set forth in Real Property Tax Law § 459-c, Subdivision
6, title to that portion of real property owned by a cooperative apartment
corporation in which a tenant-stockholder resides and which is represented
by his or her share or shares of stock in such corporation, determined
by its or their proportional relationship to the total outstanding
stock of the corporation, including that owned by the corporation,
shall be deemed to be vested in such tenant-stockholder. That proportion
of the assessment of such real property owned by a cooperative apartment
corporation, determined by the relationship of such real property
vested in such tenant-stockholder to such real property owned by such
cooperative apartment corporation in which such tenant-stockholder
resides, shall be subject to exemption from taxation pursuant to Real
Property Tax Law § 459-c, and any exemption so granted shall
be credited by the appropriate taxing authority against the assessed
value of such real property; the reduction in real property taxes
as realized thereby shall be credited by the cooperative apartment
corporation against the amount of such taxes otherwise payable by
or chargeable to such tenant-stockholder.