[Last amended 9-14-2009 by L.L. No.
11-2009, effective 1-1-2010]
A. Effective January 1, 2010, real property owned by
one or more persons, each of whom will be 65 years of age or over
during the taxable status year, or real property owned by husband
or wife, one of whom will be 65 years of age or over during the taxable
status year, shall be exempt from taxation by the Incorporated Village
of East Rockaway to the extent of the following percentage of assessed
valuation thereof:
|
Total Combined Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
|
Less than $29,000
|
50%
|
|
$29,001, but less than $30,000
|
45%
|
|
$30,000, but less than $31,000
|
40%
|
|
$31,000, but less than $32,000
|
35%
|
|
$32,000, but less than $32,900
|
30%
|
|
$32,900, but less than $33,800
|
25%
|
|
$33,800, but less than $34,700
|
20%
|
|
$34,700, but less than $35,600
|
15%
|
|
$35,600, but less than $36,500
|
10%
|
|
$36,500, but less than $37,400
|
5%
|
B. Such exemption shall be computed after all other partial
exemptions allowed by law have been subtracted from the total amount
assessed and shall be applicable to the assessment roll for the taxable
year immediately following application for exemption.
C. The real property tax exemption on real property owned
by husband and wife, one of whom will be 65 years of age or over during
the taxable status year, once granted, shall not be rescinded solely
because of the death of the older spouse, so long as the surviving
spouse is at least 65 years of age.
[Last amended 9-14-2009 by L.L. No.
11-2009, effective 1-1-2010]
No exemption shall be granted:
A. If the income of the owner or the combined income
of the owner(s) of the property exceeds the sum of $37,400 for the
income tax year immediately preceding the date of making application
for exemption. Where title is vested in either husband or wife, their
combined income may not exceed each 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 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 all of the owners of the property for at least 24
months prior to the date of making application for exemption. Notwithstanding
any other provision of the 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 exemption from taxation.
C. Unless the property is used exclusively for residential
purposes.
D. Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all of the
owners of the property.
Application for such exemption must be made
by the owner, or all of the owners of the property, on forms prescribed
by the State Board to be furnished by the Assessor of the Village
of East Rockaway and shall furnish the information and be executed
in the manner required, or prescribed in such forms, and shall be
filed in such Assessor's office on or before the taxable status date.
At least 60 days prior to the appropriate taxable
status date, the Assessor of the Village of East Rockaway shall mail
to each person, who was granted exemption pursuant to this article,
on the latest completed assessment roll, an application form and a
notice that such application must be filed on or before the taxable
status date and must be approved in order for the exemption to be
granted. Failure to mail any such application form and notice of the
failure of such person to receive the same shall not prevent the levy,
collection and enforcement of the payment of the taxes on property
owned by such person.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by a fine of not more than $100 and shall disqualify the applicant
or applicants from further exemption for a period of five years.