[Adopted 11-28-1983 by L.L. No. 6-1983]
[Amended 11-26-1984 by L.L. No. 6-1984; 8-21-1989 by L.L. No. 6-1989; 6-18-1990 by L.L. No. 1-1990; 6-7-1991 by L.L. No. 3-1991; 3-16-1992 by L.L. No. 4-1992[1]]
Real property in the Village of Cornwall-on-Hudson 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 Village of Cornwall-on-Hudson to the extent established from time to time by resolution of the Village Board of Trustees following a public hearing upon compliance with the provisions of this article for the fiscal year for which an application is filed.
[1]
Editor's Note: This local law also repealed former Subsection B, Schedule of exemptions, as amended.
No exemption shall be granted:
A. 
If 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 exceeds the sum established in the schedule contained in § 145-1B. "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 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 personal property held for the production of income.
[Amended 11-26-1984 by L.L. No. 6-1984]
B. 
Unless the title of the property shall have been vested in the owner or all 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 a transfer of all or a part of the title to the property between spouses, whether by deed, devise, bequest or operation of law, the time of ownership shall be deemed continuous for the purposes of computing the twenty-four-consecutive-month period, and provided further that where property of the owner or owners has been acquired to replace 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 former property shall be combined with 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 both residences are within the state, the period of ownership of both properties shall be deemed consecutive for purposes of the exemption from taxation by the Village of Cornwall-on-Hudson.
C. 
Unless the property is used exclusively for residential purposes.
D. 
Unless the real property is the legal residence of and is occupied in whole or in part by the owner or by all of the owners of the property.
Application for such exemption must be made by the owner or all of the owners of the property on forms to be furnished by the Village Assessor's office, as the case may be, and shall furnish the information and be executed in the manner required or prescribed in such forms and shall be filed in such Assessor's office at least 90 days before the day for filing the final assessment roll.
Any conviction of having made any willful false statement in the application for such exemption 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.