[Adopted 11-16-1978 as Ch. 113, Art. I, of the 1978 Code]
[Last amended 5-20-2010 by L.L. No. 1-2010]
Pursuant to the provisions of § 467 of the Real Property Tax Law of the State of New York, real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband or wife, one of whom is 65 years of age or over, shall be exempt from taxation by the Village of Lake Grove to the extent of 50% based upon an annual income of no more than $29,000, and thereafter at a percentage of the assessed valuation thereof as determined by the following schedule:
Over 65 Exemption Income Limits
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%
[Last amended 5-20-2010 by L.L. No. 1-2010]
A. 
No exemption shall be granted:
(1) 
If the income of the owner or the combined income of the owners of the property for the calendar year immediately preceding the date of making application for exemption exceeds $37,400. Where title is vested in either the husband or the wife, their combined income may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, net rental income, salary or earnings and net income from self-employment but shall not include gifts or inheritances.
B. 
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, is not less than or equal to the sum of $3,000 nor more than the sum of $37,400, where title is vested in either the husband or wife, then such property owners may file an application for exemption under this article. "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 return is filed, the calendar year. Such income shall include social security and retirement benefits, interest, dividends, net rental income, salary or earnings and income from self-employment and total gain for the sale or exchange of a capital asset in the same income tax year, but shall not include a return of capital, gifts or inheritances. Such application shall be made on or after the fifth day following the adoption of this article, and the applicants may file for such exemption until the date of completion of the assessment roll as governed by § 516 of the Real Property Tax Law and this article.
Application for such exemption must be made annually by the owner or by all of the owners of the property on forms to be furnished by the Village Assessor, and the applicant or applicants shall furnish the information and execute the forms in the manner required in or prescribed by such forms. Applications shall be filed annually in such Assessor's office on or before the appropriate taxable status date or within such other time as may hereafter be fixed by law before the date for filing the final assessment role in each year.
At least 60 days prior to January 1 of each year, the assessing authority shall mail to each person who was granted exemption pursuant to this article on the latest completed assessment rolls an application form and a notice that such application must be filed on or before the 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 exemptions for a period of five years.