[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.