Town of Hyde Park, NY Tax Exemption for Senior Citizens

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, one of whom is 65 years of age or over, shall be exempt from Town taxes to the extent of:

[Last amended 2-27-2023 by L.L. No. 1-2023]

Income	Exemption (percentage of assessed valuation)
Less than $34,000	50%
$34,000 to $34,999	45%
$35,000 to $35,999	40%
$36,000 to $36,999	35%
$37,000 to $37,899	30%
$37,900 to $38,799	25%
$38,800 to $39,699	20%
$39,700 to $40,599	15%
$40,600 to $41,499	10%
$41,500 to $42,399	5%

The exemption shall be subject to the following conditions:

(1)

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 shall not exceed the sum of $42,399. "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 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.

[Amended 2-24-1992 by L.L. No. 1-1992; 2-22-1993 by L.L. No. 3-1993; 9-26-1994 by L.L. No. 2-1994; 12-27-2004 by L.L. No. 7-2004[1]; 2-27-2023 by L.L. No. 1-2023]

[1]

Editor's Note: This local law provided that it shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after 1-1-2005.

(2)

The title to such real property shall be vested in the owner or one of the owners of the property for at least 24 consecutive months prior to the date of making application for exemption; provided, however, that in the event of the death of either a husband or wife in whose name title 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 time 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 24 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 application is made for exemption, and such periods of ownership shall be deemed to be consecutive for the purpose of this section.

(3)

The real property shall be used exclusively for residential purposes.

(4)

The real property shall be the legal residence of and shall be occupied in whole or in part by the owner or by all owners of the same.

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 of Equalization and Assessment, to be furnished by the appropriate assessing authority, and shall furnish the information and be executed in the manner required or prescribed in such forms and shall be filed annually in the office of the Assessor for the Town of Hyde Park on or before the taxable status date, which is the first day of March of each year.

The applicant for a senior citizen tax exemption and the Assessor may compute the amount of income to be considered by the Assessor for said exemption by deducting from the qualified income, the amount of unreimbursed medical expenses and prescription drug expenses or amounts unpaid for by insurance of medical and prescription drug expenses pursuant to § 467 of the Real Property Tax Laws of the State of New York.

[Added 3-24-1997 by L.L. No. 3-1997]