[1]
Editor's Note: This article also provided
that it would apply to assessment rolls prepared on or after 2-23-1999.
[Amended 2-12-2001 by L.L. No. 2-2001; 2-10-2003 by L.L. No. 2-2003; 2-9-2004 by L.L. No. 1-2004; 10-2-2023 by L.L. No. 5-2023]
A.
Pursuant to § 467 of the New York State Real Property Tax
Law, real property owned by one or more persons, each of whom is 65
years of age or over, or real property owned by a husband and wife
or by siblings, one of whom is 65 years of age or older, shall be
exempt from taxation by the Town of DeWitt to the extent of 50% of
the assessed valuation thereof; provided, however, that 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, as defined in § 467 of the New York State
Real Property Tax Law, does not exceed the sum of $58,399. Such grant
of exemption shall be subject to, and governed by, the provisions
of § 467 of the New York State Real Property Tax Law.
B.
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, and/or inheritances. In computing net
rental income and net 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.
C.
Exemptions shall be granted in accordance with the provisions of
this article and § 467 of the New York State Real Property
Tax Law to eligible persons based upon the following schedule:
|
Annual Income Limit
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
$50,000 or less
|
50%
|
|
$50,001 to $50,999
|
45%
|
|
$51,000 to $51,999
|
40%
|
|
$52,000 to $52,999
|
35%
|
|
$53,000 to $53,899
|
30%
|
|
$53,900 to $54,799
|
25%
|
|
$54,800 to $55,699
|
20%
|
|
$55,700 to $56,599
|
15%
|
|
$56,600 to $57,499
|
10%
|
|
$57,500 to $58,399
|
5%
|
D.
Subject to § 467 of the New York Real Property Tax Law,
the maximum income eligibility limits in this article, and the figures
in the schedule in this article, may be amended from time to time
without a public hearing by resolution of the Town Board of the Town
of DeWitt.
