[Adopted 6-29-1977 by L.L. No. 1-1977]
This article shall be known and may be cited as "Local Law No. 1 of the Year 1977, Raising the Real Property Tax Exemption for Owners, Age 65 and Over."
It is the purpose of this article to grant partial exemption from taxation of real property owned by persons 65 years of age or over in certain cases in accordance with Chapter 187 of the Laws of 1977 of the State of New York and Real Property Tax Law § 467.
[Last amended 2-21-2007 by L.L. No. 1-2007]
A. 
Notwithstanding any other provision of law, any person otherwise qualifying for the senior citizen tax exemption pursuant to Real Property Tax Law § 467 shall not be denied the exemption if he or she becomes 65 years of age after the appropriate taxable status date and before December 31 of the same year.
B. 
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 must exceed the sum of $3,000 or such other sum not less than $26,000. "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, 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.
[Amended 12-16-2015 by L.L. No. 3-2015]
C. 
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 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.
D. 
Exemption qualifications.
Annual Income
Percentage of Assessed Valuation Exempt from Taxation
$0 to $25,999
50%
$26,000 to $26,999
45%
$27,000 to $27,999
40%
$28,000 to $28,999
35%
$29,000 to $29,899
30%
$29,900 to $30,799
25%
$30,800 to $31,699
20%
$31,700 to $32,599
15%
$32,600 to $33,499
10%
$33,500 to $34,399
5%
$34,400 and over
0%
(1) 
The eligible income levels will then increase $1,000 annually through 2009, such that in 2009 there will be a fifty-percent exemption for incomes up to $28,999 and a graduated reduction in exemption for incomes more than $28,999 but less than $37,400.
(2) 
This article shall take effect immediately upon filing with the Secretary of State and shall be effective for assessment rolls of the Town of Penfield prepared on or after March 1, 2007.
E. 
Only those persons meeting the requirements of Real Property Tax Law § 467 shall be entitled to the exemption hereby provided.
[Added 12-16-2015 by L.L. No. 3-2015]
A. 
The Assessor shall, within five days after the adoption of this article, prepare forms for an exemption pursuant to § 207-3.
B. 
Applicants may file for exemption on such forms until the completion of the assessment roll as set forth in Real Property Tax Law § 516 relating to the completion of assessment rolls which legally supersedes such section.[1]
[1]
Editor's Note: See also, Art. III of this chapter, Extension of Filing Date for Senior Citizen Exemption.
C. 
Applicants who file such forms on or before such completion of the assessment roll shall be granted the exemption pursuant to the provisions of this article.