[Adopted 10-24-1966 by L.L. No. 1-1966]
[Amended 5-19-1980 by L.L. No. 2-1980; 12-9-1985 by L.L. No. 9-1985; 12-1-1986 by L.L. No. 1-1986; 3-19-1990 by L.L. No. 1-1990]
Pursuant to § 467 of the New York State Real Property Tax Law, 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 taxation by the City of Watertown to the extent of varying percentum as defined in Subsection A(1) of the assessed valuation therefor, subject to the following conditions:
A. 
No exemptions shall be granted:
(1) 
If the income of the owner or the combined income of the owners of the property exceeds the sum of $18,500 for the 12 consecutive months immediately preceding the date of making application for exemption. Where title is vested either in the husband or wife, their combined income may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, rental income, salary or earnings and income from self-employment but shall not include gifts or inheritances. Social security supplemental income (SSI) is not considered income. In the event that the property owner's income is less than $18,500, the following percentage of assessed valuation exemption from taxation shall apply:
[Amended 3-6-1995 by L.L. No. 1-1995; 11-21-2005 by L.L. No. 8-2005]
Annual Income
Percentage of Assessed Valuation Exempt from Taxation
$12,800 or less
50%
$12,801 to $13,800
45%
$13,801 to $14,800
40%
$14,801 to $15,800
35%
$15,801 to $16,700
30%
$16,701 to $17,600
25%
$17,601 to $18,500
20%
(2) 
Unless the title of the property shall have been vested in the owner or all of the owners of the property for at least 24 consecutive months prior to the date of making application for exemption.
[Amended 12-1-1986 by L.L. No. 1-1986]
(3) 
Unless the property is used exclusively for residential purposes.
(4) 
Unless the property is the legal residence of and is occupied in whole or in part by the owner or by all of the owners of the property.
B. 
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 City Assessor and shall furnish the information and be executed in the manner required or prescribed on such form.
C. 
Application for such exemption shall be filed in the office of the City Assessor by December 31 of each year.
[Amended 12-1-1986 by L.L. No. 1-1986]
D. 
The applicant must verify as to the truth of the statements contained in such application. Any conviction of having made any willful false statement in such application shall be punishable by a fine of not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.