[Adopted 10-10-1966 by Ord. No. 72; amended in its entirety 12-22-1975 by L.L. No.
5-1975 (Ch. 92 of the 1975 Code)]
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 any real
estate taxes imposed by the Incorporated Village of Farmingdale to
the extent of 50% of the assessed valuation of the property of such
person or persons, provided that said property qualifies for exemption
under the provisions of § 467 of the Real Property Tax Law
of the State of New York and the provisions of this article. Such
exemption shall be computed after all other partial exemptions allowed
by law have been subtracted from the total amount assessed.
[Amended 9-12-1977 by L.L. No. 7-1977; 9-24-1979 by L.L. No.
10-1979; 9-22-1980 by L.L. No. 3-1980; 10-14-1982 by L.L. No.
7-1982; 11-14-1983 by L.L. No. 8-1983; 11-10-1986 by L.L. No.
4-1986; 11-27-1989 by L.L. No. 7-1989; 1-14-1991 by L.L. No.
1-1991; 1-11-1993 by L.L. No. 2-1993; 1-18-2005 by L.L. No.
1-2005[1]]
A.
No exemption shall be granted pursuant to this article 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 exceeds the sum of $37,399.99, as such income is defined
and determined under the provisions of said Real Property Tax Law.
B.
If the income of the owner or the combined income of the owners of
the property is less than the sum of $37,399.99, then the maximum
income exemption eligibility shall be consistent with the schedule
hereinafter set forth. The term "income tax year" shall, for the purpose
of this article, have the same meaning as this term is defined in
§§ 467 and 467-d of the Real Property Tax Law.[2]
|
Annual Income
|
Percentage of Assessed Valuation Exempt From Taxation
| |
|---|---|---|
|
Less than $29,000
|
50%
| |
|
At least $29,000, but less than $30,000
|
45%
| |
|
At least $30,000, but less than $31,000
|
40%
| |
|
At least $31,000, but less than $32,000
|
35%
| |
|
At least $32,000, but less than $32,900
|
30%
| |
|
At least $32,900, but less than $33,800
|
25%
| |
|
At least $33,800, but less than $34,700
|
20%
| |
|
At least $34,700, but less than $35,600
|
15%
| |
|
At least $35,600, but less than $37,400
|
10%
|
[2]
Editor's Note: Section 467-d of the Real Property Tax
Law was repealed by L. 1986, c. 440, § 3, effective 1-2-1966.
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
Village Clerk-Treasurer. Such application shall furnish the information,
and such application shall be executed in the manner required or prescribed
in such forms. Such application shall be filed in the office of the
Village Clerk-Treasurer on or before the 31st day of December preceding
the commencement of the fiscal year for which exemption is requested.
Any person who shall make any willful false statement in the
application for such exemption shall be punished by a fine not exceeding
$100. In addition, such conviction for having made any willful false
statement in the application for such exemption shall disqualify the
application or applicants from further exemption for a period of five
years.
