[Adopted 11-2-1993 as part of L.L No. 12-1993 (Ch. 48A of
the 1993 Code); amended in its entirety 12-6-2022 by L.L. No. 4-2022]
Pursuant to New York State Real Property Tax
Law § 467, real property 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 by siblings, one of whom is 65 years of age or older,
shall be partially exempt from taxation by the Village of Phoenix
in accordance with the following table:
|
Annual Income
|
Percentage Assessed Valuation Exempt From Taxation
|
|---|---|
|
$29,000 or less
|
50%
|
|
More than $29,000.01, but less than $29,999
|
45%
|
|
$30,000 or more, but less than $30,999.99
|
40%
|
|
$31,000 or more, but less than $31,999.99
|
35%
|
|
$32,000 or more, but less than $32,899.99
|
30%
|
|
$32,900 or more, but less than $33,799.99
|
25%
|
|
$33,800 or more, but less than $34,699.99
|
20%
|
|
$34,700 or more, but less than $35,599.99
|
15%
|
|
$35,600 or more, but less than $37,499.99
|
10%
|
|
$36,500 or more, but less than $37,399.99
|
5%
|
|
$37,400 and over
|
0%
|
A.
The partial
exemption to be granted hereunder shall be determined by 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 the
application (hereinafter referred to individually or collectively
as "income").
B.
"Income
tax year" shall mean the twelve-month period for which the owner or
owners filed a federal personal income tax return for the year before
the income tax year immediately preceding the date of application.
C.
Where
the title is vested in either the husband or 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 as provided in
Real Property Tax Law § 467, Subdivision 3(d)(ii), then
only the income of the spouse or ex-spouse residing on the property
shall be considered and may not exceed such sum.
D.
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 return
of capital, gifts or inheritances and such other forms of income which
are excluded under Real Property Tax Law § 467, Subdivision
3(a), presently and as may be amended. Any such income shall be offset
by all medical and prescription drug expenses actually paid by owner
which were not reimbursed or paid for by insurance. The provisions
of this subsection notwithstanding, such income shall not include
veterans' disability compensation, as defined in Title 38 of the United
States Code. 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.
A.
Except
as is otherwise provided in Section 467 of the New York Real Property
Tax Law, the title must have been vested in the name of the owner
or all of the owners of the property for at least 12 consecutive months
prior to the date of the making of the application for exemption.
B.
The property
must also be used exclusively for residential purposes and be the
legal residence of and occupied in whole or in part by the owner or
by all the owners of the property, except as is otherwise provided
in Section 467 of the New York Real Property Tax Law.
C.
The application
for such exemption must be made by the owner or one of the owners
of the property, on a form prescribed by the State of New York, and
shall furnish the required information and be properly executed and
shall be filed in the Assessor's office of the Town of Schroeppel,
New York, on or before the appropriate taxable status date.
D.
The real
property otherwise meets the qualifications contained in the Real
Property Tax Law Section 467, as the same may be amended from time
to time.
E.
This
section relating to partial exemption from taxation of property shall
apply to assessment rolls prepared on the basis of the taxable status
dates occurring on and after March 1, 2022.
