[Adopted 5-19-1971 as L.L. No. 1-1971]
[Amended 11-2-1983 by L.L. No. 9-1983; 3-4-1987 by L.L. No. 1-1987; 5-1-1996 by L.L. No. 3-1996; 3-20-2024 by L.L. No. 2-2024]
Pursuant to § 467 of the 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 husband and wife, or by siblings, one of whom is 65 years of age or over, shall be exempt from taxation by the City of Rye to the extent permitted by the schedule of exemptions herein in this section. In addition, persons meeting the above-described age requirements who own shares in a residential cooperative corporation shall be exempt from taxation by the City of Rye to the extent permitted and pursuant to the terms of Subsection 3(a) of § 467 of the Real Property Tax Law.
Annual Income
Percentage of Assessed Value Exempt From Taxation
$0 to $50,000.00
50%
$50,000.01 to $50,999.99
45%
$51,000.00 to $51,999.99
40%
$52,000.00 to $52,999.99
35%
$53,000.00 to $53,899.99
30%
$53,900.00 to $54,799.99
25%
$54,800.00 to $55,699.99
20%
$55,700.00 to $56,599.99
15%
$56,600.00 to $57,499.99
10%
$57,500.00 to $58,399.99
5%
[Amended 5-2-1973 by L.L. No. 1-1973; 11-20-1974 by L.L. No. 1-1974; 11-16-1977 by L.L. No. 7-1977; 9-19-1979 by L.L. No. 3-1979; 12-3-1980 by L.L. No. 10-1980; 4-6-1983 by L.L. No. 2-1983; 11-2-1983 by L.L. No. 9-1983; 3-4-1987 by L.L. No. 1-1987; 4-4-1990 by L.L. No. 8-1990; 5-1-1996 by L.L. No. 3-1996]
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 maximum sum permitted by the schedule of exemptions contained in § 467 of the Real Property Tax Law. Where title is vested in either the husband or wife, their combined income may not exceed such sum. Such income, as defined in the Real Property Tax Law §467(3), shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange or a capital asset which may be offset by a loss from the sale or exchange or a capital asset in the same income tax year, net rental income, salary or earnings, net income from self-employment and any distribution received from an individual retirement account or an individual retirement annuity but shall not include supplemental security income, a return of capital, gifts or inheritances.
[Amended 3-20-2024 by L.L. No. 2-2024]
B. 
Unless the owner shall have held an exemption under this section for his previous residence and unless the title of the property shall have been vested in the owner or one of the owners of the property for at least 12 consecutive months prior to the date of making application for exemption. 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.
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.
[Amended 4-29-2020 by L.L. No. 5-2020]
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 and furnished by the City Assessor's office, and shall furnish the information and be executed in the manner required or prescribed in such forms, and shall be filed each year in the City Assessor's office on or before the taxable status date, namely, the first day of May. Notwithstanding the preceding sentence, the last date for filing such application in 2020 shall be June 16, 2020.
At least 60 days prior to the taxable status date, the City Assessor 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 taxable status date and be approved in order for the exemption to be granted. Failure to mail any such application form and notice or 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.