This article shall be known and may be cited as "Local Law No.
1 of the Year 1977, Raising the Real Property Tax Exemption for Owners,
Age 65 and Over."
It is the purpose of this article to grant partial exemption from taxation of real property owned by persons 65 years of age or over in certain cases in accordance with Chapter
187 of the Laws of 1977 of the State of New York and Real Property Tax Law § 467.
[Last amended 2-21-2007 by L.L. No. 1-2007]
A. Notwithstanding any other provision of law, any person otherwise
qualifying for the senior citizen tax exemption pursuant to Real Property
Tax Law § 467 shall not be denied the exemption if he or
she becomes 65 years of age after the appropriate taxable status date
and before December 31 of the same year.
B. 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 must exceed the sum of $3,000 or such other sum not
less than $26,000. "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 wife, their combined income may
not exceed such sum, except where the husband or wife, or ex-husband
or ex-wife, is absent from the property due to divorce, legal separation
or abandonment, then only the income of the spouse or ex-spouse residing
on the property shall be considered and may not exceed such sum.
[Amended 12-16-2015 by L.L. No. 3-2015]
C. Such income shall include social security and retirement benefits,
interest, dividends, total gain from the sale or exchange of a capital
asset, which may be offset by a loss from the sale or exchange of
a capital asset in the same income tax year, net rental income, salary
or earnings, and net income from self-employment, but shall not include
a return of capital, gifts or inheritances. In computing net rental
income and net income from self-employment, no depreciation deduction
shall be allowed for the exhaustion, wear and tear of real or personal
property held for the production of income.
D. Exemption qualifications.
|
Annual Income
|
Percentage of Assessed Valuation Exempt from Taxation
|
---|
|
$0 to $25,999
|
50%
|
|
$26,000 to $26,999
|
45%
|
|
$27,000 to $27,999
|
40%
|
|
$28,000 to $28,999
|
35%
|
|
$29,000 to $29,899
|
30%
|
|
$29,900 to $30,799
|
25%
|
|
$30,800 to $31,699
|
20%
|
|
$31,700 to $32,599
|
15%
|
|
$32,600 to $33,499
|
10%
|
|
$33,500 to $34,399
|
5%
|
|
$34,400 and over
|
0%
|
(1) The eligible income levels will then increase $1,000 annually through
2009, such that in 2009 there will be a fifty-percent exemption for
incomes up to $28,999 and a graduated reduction in exemption for incomes
more than $28,999 but less than $37,400.
(2) This article shall take effect immediately upon filing with the Secretary
of State and shall be effective for assessment rolls of the Town of
Penfield prepared on or after March 1, 2007.
E. Only those
persons meeting the requirements of Real Property Tax Law § 467
shall be entitled to the exemption hereby provided.
[Added 12-16-2015 by L.L.
No. 3-2015]