[Adopted 9-19-1966]
The Town Board of the Town of Stony Point, ever
mindful of its responsibilities and obligations to provide for the
welfare and financial independence of the senior citizens of this
community, intends, by this article, to provide for the protection
of the elderly low-income homeowner from the increased cost of living.
It is the intention of the Town Board of the Town of Stony Point to
provide tax exemptions of real property to certain of our qualifying
senior citizens so as to better enable them to enjoy their retirement.
[Amended 8-12-1970[1]]
All real property in the Town of Stony Point owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband or wife, one of whom is 65 years of age or over, shall be exempt to the extent as provided in § 194-5A, provided that the requirements set forth in § 194-3 below are complied with.
In order to qualify for an exemption, the following
requirements must be met:
A.
All the owners of the real property must be 65 years
of age or over on the date the application is filed, except where
the property is owned by a husband and wife and, in that event, either
one or the other is over the age of 65.
[Amended 8-12-1970]
B.
Title to the property shall have been vested in the
owners of the property for at least 24 consecutive months prior to
the date of the application.
[Amended 12-4-1974]
C.
The property must be used exclusively for residential
purposes and be occupied in whole or in part by the owner or owners
and be their legal residence.
D.
"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 was filed, the calendar year. Where title
is vested in either the husband or the 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. 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
or capital gifts, inheritances or moneys earned through employment
in the federal foster grandparents program and any such income shall
be offset by all medical and prescription drug expenses actually paid
which were not reimbursed or paid for by insurance. 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 8-12-1970; 12-4-1974; 8-10-1977; 7-27-1982; 12-13-1983 by L.L. No. 4-1983; 12-10-1991 by L.L. No. 2-1991; 12-8-1998 by L.L. No. 8-1998]
[Amended 8-12-1970; 12-4-1974]
An application for exemption, pursuant to this
article, must be made by the owner or all of the owners of the property
on forms prescribed by the State Board and furnished by the Town Assessor's
office at least 60 days before the date for filing the final assessment
roll. An application for such an exemption by the owner or owners
must be filed annually.
[Last amended 1-14-2003 by L.L. No. 1-2003]
A.
The Town of Stony Point, for assessment rolls prepared
on the basis of the taxable status date occurring on or after July
1, 2022, provides the following partial exemptions from real property
taxation, as set forth in the following schedule:
[Amended 5-11-2004 by L.L. No. 3-2004; 1-9-2007 by L.L. No.
2-2007[1]; 10-23-2018 by L.L.
No. 6-2018; 1-10-2023 by L.L. No. 1-2023]
|
Annual Household Income Ranges
|
Exemption Percentage
|
|---|---|
|
Less than $50,000
|
50%
|
|
$50,000, but less than $51,000
|
45%
|
|
$51,000, but less than $52,000
|
40%
|
|
$52,000, but less than $53,000
|
35%
|
|
$53,000, but less than $53,900
|
30%
|
|
$53,900, but less than $54,800
|
25%
|
|
$54,800, but less than $55,700
|
20%
|
|
$55,700, but less than $56,600
|
15%
|
|
$56,600, but less than $57,500
|
10%
|
|
$57,500, but less than $58,400
|
5%
|
[1]
Editor's Note: This local law provided that
it shall become effective for the tax rolls prepared after 1-1-2007.
B.
The age requirements remain 65 years of age prior
to December 31 of the tax year in which the application is first filed.
The taxable status date and the deadline for filing all applications
for exemptions is March 1.
The burden of proof is upon the applicant to
show eligibility pursuant to this article.
Any conviction of having made any willful, false
statement in the application for exemption under this article shall
be punishable by a fine of not more than $100 and shall disqualify
the applicant or applicants from further exemption for a period of
five years.
