[Adopted 8-16-1966 by L.L. No. 1-1966; amended in its entirety 1-23-2024 by L.L. No. 1-2024]
Real property owned by one or more persons,
each of whom is 65 years of age or over, shall be exempt from taxation
by the Town of Cortlandt to the extent of 50% of the assessed valuation
thereof in accordance with the provisions in this article.
No exemption shall be granted:
A.
If the income of the owner or the combined income
of the owners of the property exceeds the sum of $58,400 for the 12
consecutive months immediately preceding the date of making application
for exemption. Where title is vested in either the husband, wife,
or other legally authorized relation, their combined income may not
exceed such sum. Such income shall include what is defined in § 467
of the Real Property Tax Law. For purposes of income calculation,
the Town opts in to include IRA distributions and opts to exclude
unreimbursed medical expenses.
(1)
Annual income for 2023. Said exemptions will take
effect upon filing with the Secretary of State and shall apply to
assessment rolls prepared on the basis of taxable status dates occurring
on or after May 1, 2024.
|
Annual Income
|
Tax Exemption Allowed
|
|---|---|
|
Up to and including $50,000
|
50%
|
|
$50,000 to $50,999.99
|
45%
|
|
$51,000 to $51,999.99
|
40%
|
|
$52,000 to $52,999.99
|
35%
|
|
$53,000 to $53,899.99
|
30%
|
|
$53,900 to $54,799.99
|
25%
|
|
$54,800 to $55,699.99
|
20%
|
|
$55,700 to $56,599.99
|
15%
|
|
$56,600 to $57,499.99
|
10%
|
|
$57,500 to $58,399.99
|
5%
|
B.
Unless the provisions of § 467 of the Real
Property Tax Law have been satisfied.
C.
If the
property applied for is part of a cooperative apartment corporation.
Application for such exemption must be made
by the owner or all of the owners of the property on forms to be furnished
by the Town of Cortlandt Assessor's office, and said form 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 by the
taxable status date.
Any senior who has received the exemption for
five consecutive completed assessment rolls shall no longer be required
to apply to the Assessor to receive the exemption. For the purposes
of this provision, “five consecutive assessment rolls”
includes any years when the exemption was granted to a property owned
by a spouse or married couple while both resided on the property.
Homeowners who failed to file a renewal application on or before
the taxable status date may submit a written request to the Assessor
asking the Assessor to extend the filing deadline and to grant the
exemption. The homeowner must be able to show good cause for the failure
to timely file the renewal application, and must submit the written
request to the Assessor no later than the last day for paying taxes
without incurring interest or penalty. The request must contain an
explanation of why the deadline was missed and a renewal application
that reflects the facts and circumstances as they existed on Taxable
status date. The Assessor may grant or deny this request and must
mail notice of the determination to the owner.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by a fine not to exceed $250 or up to 15 days in jail or by a civil
penalty of not more than $1,000 and shall disqualify the applicant
or applicants from further exemption for a period of five years.
