[Adopted 8-13-2003 by L.L. No. 2-2003; amended in its entirety 1-27-2016 by L.L. No. 2-2016]
The Town Board of the Town of Cochecton, pursuant to Real Property Tax Law § 467(b), authorizes a partial exemption from real property taxes on qualifying residential real property for senior citizens, as defined in Real Property Tax Law § 467(1)(a).
For purposes of this section, "qualifying senior citizens" are when property is owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife, or siblings, one of whom is 65 years of age or over. This definition of qualifying senior citizen shall be consistent with the definition as contained in Real Property Tax Law § 467(1)(a).
Pursuant to § 467(b)(1)(2) and (3) of the Real Property Tax Law, the Town of Cochecton is authorized to adopt a local law establishing a partial exemption from the Town portion of real property taxes for qualified senior citizens who own qualified residential real property within the Town of Cochecton.
A. 
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by a husband and wife, or by siblings, one of whom is 65 years of age or over, shall be exempt from taxation by the Town of Cochecton to the extent of 50% of the assessed value thereof or such lesser per centum of assessed value thereof for persons whose maximum income eligibility is increased in accordance with the provisions of Real Property Tax Law § 467(1)(b), Subdivisions (1), (2) and (3).
B. 
The maximum income eligibility determined in accordance with Subdivision 3 of § 467 of the Real Property Tax Law shall be $20,500 and shall entitle qualified owner to a fifty-per-centum exemption. Further exemption for qualified owners under this section shall decrease according to income per the following schedule:
At Least
Less Than
Percent of Exemption
$0
$20,500
50%
$20,500
$21,500
45%
$21,500
$22,500
40%
$22,500
$23,500
35%
$23,500
$24,400
30%
$24,400
$25,300
25%
$25,300
$26,200
20%
$26,200
$27,100
15%
$27,100
$28,000
10%
$28,000
$28,900
5%
No exemption shall be allowed except in accordance with the provisions of Real Property Tax Law (RPTL) § 467 for real property which qualifies by use and ownership upon an application submitted in the manner provided by this article.
Pursuant to Real Property Tax Law § 467(5), application for such exemption under § 467 and § 467-a shall be made by the owner, or all of the owners, of the property on forms prescribed by the State Board, to be furnished by the Town Assessor, and shall be filed in the Town of Cochecton Assessor's office on or before the taxable status date.
The Town Assessor is authorized to accept applications for renewal of exemptions pursuant to Real Property Tax Law §§ 467 and 467-a after the taxable status date. In the event the owner, or all of the owners, of property which has received an exemption pursuant to RPTL 467 or 467-a on the preceding assessment roll fail to file the renewal application required on or before taxable status date, such owner or owners may file the renewal application, executed, as if such renewal application had been filed on or before the date for the hearing of complaints.
The Town Assessor is also authorized, upon receiving an initial application for exemption under § 467 and § 467-a of the Real Property Tax Law after the taxable status date has passed but prior to the date for hearing of complaints by the Board of Assessment Review, to execute and transmit to the Board of Assessment Review a verified statement that such late initial application for exemption has been received. At the meeting of the Board of Assessment Review, said Board shall hear and determine all verified statements and upon such review shall have all of the powers and duties imposed by law to determine and/or make changes to said assessment pursuant to Title 1A of RPTL and any other law.
This article supersedes and replaces any prior local law setting partial exemption for qualified senior citizens and shall be effective as of the date of filing in the office of the Secretary of State.