[Adopted 3-9-1971 by L.L. No. 1-1971
(Ch. 31 of the 1969 Code)]
This article shall be known as the "Farmington
Partial Exemption From Taxation of Certain Real Property Owned by
Persons Sixty-Five Years of Age or Over Local Law."
Real property within the Town of Farmington
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 Town of Farmington
to the extent of 50% of the assessed valuation thereof.
No exemption shall be granted:
A.
If the income of the owner or 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 $14,500.
"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 the wife, their combined income may not exceed
such sum. Such income shall include 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.
Further, such income may be offset by all medical and prescription
drug expenses which were actually paid and which were not reimbursed
or paid by insurance pursuant to Real Property Tax Law § 313.
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 2-26-1974 by L.L. No. 1-1974; 3-23-1976 by L.L. No. 1-1976; 2-4-1981 by L.L. No. 1-1981; 3-22-1983 by L.L. No. 1-1983; 2-26-1992; 12-21-1992 by L.L. No. 6-1992; 2-14-1995 by L.L. No. 1-1995; 12-23-1996 by L.L. No. 7-1996]
B.
Unless the applicants also meet the other requirements
set forth in § 467 of the Real Property Tax Law.
[Added 3-13-1984 by L.L. No. 2-1984; amended 12-12-1989 by L.L. No. 7-1989]
A.
There is hereby provided, pursuant to the provisions
of § 467 of the Real Property Tax Law of the State of New
York, an exemption so as to increase the maximum income eligibility
level which the owner or owners of certain real property within the
Town of Farmington may earn and still be entitled to receive an exemption
from taxation of such real property as a person 65 years of age or
older, as follows:
[Amended 2-26-1992; 12-21-1992 by L.L. No.
6-1992; 2-8-1994 by L.L. No. 1-1994; 2-14-1995 by L.L. No. 1-1995; 12-23-1996 by L.L. No. 7-1996]
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|---|---|
|
$14,500 or less
|
50%
|
|
More than $14,500, but less than $15,500
|
45%
|
|
$15,500 or more, but less than $16,500
|
40%
|
|
$16,500 or more, but less than $17,500
|
35%
|
|
$17,500 or more, but less than $18,400
|
30%
|
|
$18,400 or more, but less than $19,300
|
25%
|
|
$19,300 or more, but less than $20,200
|
20%
|
|
$20,200 or more, but less than $21,100
|
15%
|
|
$21,100 or more, but less than $22,000
|
10%
|
B.
The Town of Farmington does hereby elect and exercise
the option granted pursuant to the provisions of Chapter 287 of the
Laws of 1989[1] to provide that any person otherwise qualifying under
§ 467 of the Real Property Tax Law shall not be denied the
exemption under said section if he becomes 65 years of age after the
appropriate taxable status date and after December 31 of the same
year.
[1]
Editor's Note: See § 467, Subdivision
5, of the Real Property Tax Law.
