[HISTORY: Adopted by the Board of Trustees of the Village of Fultonville
as indicated in article histories. Amendments noted where applicable.]
[Adopted 7-2-1975 by L.L. No. 1-1975;
amended in its entirety 12-5-1995 by L.L. No. 2-1995]
The purpose of this article is to grant a partial exemption from taxation
to the extent of 50% of the assessed valuation of real property which is owned
by certain persons with limited income who are 65 years of age or over meeting
the requirements set forth in § 467 of the Real Property Tax Law.
Real property owned by persons 65 years of age or over shall be exempt
from Village taxes up to 50% of the assessed valuation subject to the following
conditions:
A.Â
The owner or all of the owners must file an application
annually in the Assessor's office at least 90 days before the day for
filing the final assessment roll or such other time as may be hereafter fixed
by law.
B.Â
The income of the owner or the combined income of the
owners shall not exceed the schedule of incomes with the corresponding exemptions
as set forth below:
|
Income Up To
|
Amount of Exemption
| |
|
$8,000
|
50%
| |
|
9,000
|
45%
| |
|
10,000
|
40%
| |
|
11,000
|
35%
| |
|
11,900
|
30%
| |
|
12,800
|
25%
| |
|
13,700
|
20%
|
C.Â
Title to the property must be vested in the owner or,
if more than one, in all the owners for at least 12 consecutive months prior
to the date that the application is filed; provided, however, that in the
event of the death of either a 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 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 purposes 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, and further provided that where a residence is sold and
replaced with another within one year and is in the same assessment unit,
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 purposes
of this article.
D.Â
The property must be used exclusively for residential
purposes, be occupied in whole or in part by the owners, and constitute the
legal residence of the owners.
All further sliding-scale increments applicable in the Village of Fultonville
shall be in compliance with all New York State legislation as it relates to
Real Property Tax Law § 467.
This article shall be applicable to assessment rolls based on taxable
status dates on or after January 1, 1996.
[Adopted 9-11-1989 by L.L. No. 3-1989]
