[Adopted 11-22-1994 by L.L. No. 1-1994[1]]
[1]
Editor's Note: This local law also superseded
former Art. I, Senior Citizens Tax Exemption, adopted 4-25-1990 by
L.L. No. 1-1990.
[Amended 2-27-2007 by L.L. No. 1-2007]
A.
Pursuant to the authority granted under Chapter 109
of the Laws of 1979 of the State of New York, which chapter amends
Paragraph (a) of Subdivision 3 of § 467 of the Real Property
Tax Law, real property of the Town of Sweden 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 exempted from taxation by the Town of Sweden to the extent
of 50% of the assessed valuation thereof. The maximum income for purposes
of the fifty-percent exemption shall be equal to $26,000. The eligible
income level will then increase $1,000 annually through 2009 for incomes
up to $29,000.
B.
The Town of Sweden has the further option of giving
exemptions of less than 50% to persons age 65 or over whose incomes
are more than $26,000. Under this option, called the "sliding-scale
option," a qualifying owner can have a yearly income as high as $34,400
and an exemption of 5% in places that are using the maximum limit.
The eligible income levels will then increase $1,000 annually through
2009, such that there will be a graduated reduction in exemption for
incomes more than $29,000 but less than $37,400.
No exemption shall be granted:
A.
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 $34,400. "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. Such income shall include social security and
retirement benefits, interest, dividends, total gain 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.
[Amended 1-14-1995 by L.L. No. 3-1995; 11-12-1996 by L.L. No. 2-1996; 9-28-1999 by L.L. No. 2-1999; 10-10-2000 by L.L. No.
1-2000; 12-10-2002 by L.L. No. 2-2002; 12-9-2003 by L.L. No.
4-2003; 11-22-2005 by L.L. No. 5-2005; 2-27-2007 by L.L. No.
1-2007]
B.
Unless the title of the property shall have been vested
in the owner or one of the owners of the property for at least 24
consecutive months prior to the date of making application for exemption;
provided, however, that in the event of the death of either a husband
or wife in whose name title of the property shall have been vested
at the time of death and then becomes vested solely in the survivor
by virtue of devise by or descent from the deceased husband or wife,
the time of ownership of the property by the deceased husband or wife
shall be deemed also a time of ownership by the survivor and such
ownership shall be deemed continuous for the purposes of computing
such period of 24 consecutive months; provided, further, that in the
event of a transfer of either a husband or wife to the other spouse
of all or part of the title to the property, the time of ownership
of the property by the transferor spouse shall be deemed also a time
of ownership by the tranferee spouse and such ownership shall be deemed
continuous for the purposes of computing such period of 24 consecutive
months; and provided further, that where property formerly owned by
such owner or owners and taken by eminent domain or other involuntary
proceeding, except a tax sale, the period of ownership of the property
for which application is made for exemption and such periods of ownership
shall be deemed to be consecutive for purposes of this section. Where
a residence is sold and replaced with another within one year and
is in the Town of Sweden, the period of ownership of the former property
shall be combined with the period of ownership of the replacement
residence and deemed consecutive for exemption for taxation by the
Town of Sweden:
C.
Unless the property is used exclusively for residential
purposes.
D.
Unless the property is the legal residence of and
occupied in whole or in part by the owner or by all the owners of
the property.
Application for such exemption must be made
by the owner or all of the owners of the property on forms prescribed
by the State Board of Real Property Services to be furnished by the
Town of Sweden and shall furnish the information and be executed in
the manner required or prescribed in such forms and shall be filed
in such Assessor's office on or before the appropriate taxable status
date.
