[Adopted 6-14-1989 by L.L. No. 2-1989]
Pursuant to the authority granted under § 467 of the
Real Property Tax Law of the State of New York, real property in the
Town of Shandaken 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 Shandaken to the extent of 50% of the assessed valuation
thereof.
A.
Real property
in the Town of Shandaken 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, one of whom is 65 years of age or over, shall be exempt from
taxation by the Town to the extent of 50% of the assessed valuation
thereof or such lesser per centum of assessed value thereof for persons
whose maximum income eligibility is increased in accordance with the
provisions of § 467 of the Real Property Tax Law of the
State of New York and subject to the following:
[Amended 10-16-2000 by L.L. No. 2-2000; 4-4-2005 by L.L. No. 2-2005]
(1)
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 shall be used to compute the percentage of exemption
in accordance with the following schedule:
[Amended 12-1-2008 by L.L. No. 5-2008; 2-22-2023 by L.L. No. 2-2023]
|
Annual Income
|
Percentage Assessed Valuation Exempt from Taxation
|
|---|---|
|
More than $0 but less than $37,000
|
50%
|
|
$37,000 or more but less than $38,000
|
45%
|
|
$38,000 or more but less than $39,000
|
40%
|
|
$39,000 or more but less than $40,000
|
35%
|
|
$40,000 or more but less than $40,900
|
30%
|
|
$40,900 or more but less than $41,800
|
25%
|
|
$41,800 or more but less than $42,700
|
20%
|
|
$42,700 or more but less than $43,600
|
15%
|
|
$43,600 or more but less than $44,500
|
10%
|
|
$44,500 or more but less than $45,400
|
5%
|
(2)
"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.
B.
No exemption
shall be granted unless:
(1)
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 the 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 by 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 transferee 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 Shandaken, 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 from taxation by the
Town of Shandaken.
(2)
The
property is used exclusively for residential purposes.
(3)
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.
C.
This schedule
shall take effect with the July 1, 2023, tax rolls.
[Added 2-22-2023 by L.L. No. 2-2023]
