Beginning July 1, 2007 for persons 65 years
of age or over:
A. Effective as hereinafter provided, there shall be
an exemption from taxation for general county purposes on 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, to the extent of the percentage of
assessed valuation provided in the following schedule, determined
by the maximum income eligibility level also provided in the following
schedule:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
|
$27,000 or less
|
50%
|
|
More than $27,000 but less than $28,000
|
45%
|
|
$28,000 or more but less than $29,000
|
40%
|
|
$29,000 or more but less than $30,000
|
35%
|
|
$30,000 or more but less than $30,900
|
30%
|
|
$30,900 or more but less than $31,800
|
25%
|
|
$31,800 or more but less than $32,700
|
20%
|
|
$32,700 or more but less than $33,600
|
15%
|
|
$33,600 or more but less than $34,500
|
10%
|
|
$34,500 or more but less than $35,400
|
5%
|
Beginning July 1, 2008, for persons 65 years
of age or over:
A. Effective as hereinafter provided, there shall be
an exemption from taxation for general county purposes on 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, to the extent of the percentage of
assessed valuation provided in the following schedule, determined
by the maximum income eligibility level also provided in the following
schedule:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
|
$28,000 or less
|
50%
|
|
More than $28,000 but less than $29,000
|
45%
|
|
$29,000 or more but less than $30,000
|
40%
|
|
$30,000 or more but less than $31,000
|
35%
|
|
$31,000 or more but less than $31,900
|
30%
|
|
$31,900 or more but less than $32,800
|
25%
|
|
$32,800 or more but less than $33,700
|
20%
|
|
$33,700 or more but less than $34,600
|
15%
|
|
$34,600 or more but less than $35,500
|
10%
|
|
$35,500 or more but less than $36,400
|
5%
|
Beginning July 1, 2009, for persons 65 years
of age or over:
A. Effective as hereinafter provided, there shall be
an exemption from taxation for general county purposes on 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, to the extent of the percentage of
assessed valuation provided in the following schedule:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
---|
|
$29,000 or less
|
50%
|
|
More than $29,000 but less than $30,000
|
45%
|
|
$30,000 or more but less than $31,000
|
40%
|
|
$31,000 or more but less than $32,000
|
35%
|
|
$32,000 or more but less than $32,900
|
30%
|
|
$32,900 or more but less than $33,800
|
25%
|
|
$33,800 or more but less than $34,700
|
20%
|
|
$34,700 or more but less than $35,600
|
15%
|
|
$35,600 or more but less than $36,500
|
10%
|
|
$36,500 or more but less than $37,400
|
5%
|
Any exemption provided by this article shall
be computed after all other partial exemptions allowed by law, excluding
the school tax relief (STAR) exemption, have been submitted from the
total amount assessed.
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 authorized by the provisions of § 467 of the
Real Property Tax Law. "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 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, inheritances,
payments made to individuals because of their status as victims of
Nazi persecution, as defined in P.L. 103-286, or monies earned through
employment in the federal foster grandparent program, 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.
The provisions of this subsection notwithstanding, such income shall
not include veterans' disability compensation, as defined in Title
38 of the United States Code. In computing net rental income and net
income from self-employment, no depreciation deduction shall be allowed
for the exhaustion, 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 12
consecutive months prior to the date of making application for exemption;
provided, however, that in the event of the death of either husband
or wife in whose name 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 by or descent from the deceased husband or wife,
the times 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 purpose of computing
such period of 12 consecutive months; 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 transferor 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 12
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 the application is made for exemption, and
such periods of ownership shall be deemed to be consecutive for the
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.
Notwithstanding any other provision of law, where a residence is sold
and replaced with another within one year and both residents are within
the state, the period of ownership of both properties shall be deemed
consecutive for the exemption from taxation by a municipality within
the state granting such exemption. Where the owner or owners transfer
title to property which as of the date of transfer was exempt from
taxation under the provisions of this section, the reacquisition of
title by such owner or owners within nine months of the date of transfer
shall be deemed to satisfy the requirement of this subsection that
the title of the property shall have been vested in the owner or one
of the owners for such period of 12 consecutive months. Where, upon
or subsequent to the death of an owner or owners, title to property,
which as of the date of such death was exempt from taxation under
such provisions, becomes vested, by the virtue of devise or descent
from the deceased owner or owners, or by transfer by any other means
within nine months after such death, solely in a person or persons
who, at the time of such death, maintained such property as a primary
residence, the requirement of this subsection that the title of the
property shall have been vested in the owner or one of the owners
for such period of 12 consecutive months shall be deemed satisfied.
C. Unless the property is used executively for residential
purposes; provided, however, that in the event any portion of such
property is not so used exclusively for residential purposes but is
used for other purposes, such portion shall be subject to taxation
and the remaining portion only shall be entitled to the exemption
provided by this article.
D. Unless the real property is the legal residence and
is occupied, in whole or in part, by the owner or by all of the owners
of the property, except where an owner is absent from the residence
while receiving health-related care as an inpatient of a residential
heath-care facility, as defined in § 2801 of the Public
Health Law, provided that any income accruing to that person shall
only be income only to the extent that it exceeds the amount paid
by such owner, spouse, or co-owner for care in the facility and provided,
further, that during such confinement such property is not occupied
by other than the spouse or co-owner of such owner; or the real property
is owned by a husband and/or wife, or an ex-husband and/or an ex-wife,
and either is absent from the residence due to divorce, legal separation
or abandonment and all other provisions of this article are met, provided
that where an exemption was previously granted when both resided on
the property, then the person remaining on the real property shall
be 62 years of age or over.
The real property tax exemption on real property
owned by a husband and wife, one of whom is 65 years of age or over,
once granted shall not be rescinded by the County of Albany solely
because of the death of the older spouse so long as the surviving
spouse is at least 62 years of age.
This article shall take effect immediately and
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring on and after January 1, 2007.