[Adopted 4-16-1998 by L.L. No. 2-1998[1] (Ch. 64, Art. III, of the 1971 Code)]
[1]
Editor's Note: This local law also provided that it shall
apply to assessment rolls prepared on the basis of taxable status
dates occurring on or after January 1, 1998.
Notwithstanding any local law to the contrary, for the purpose
of calculating annual income of any qualified property owner who is
a veteran and senior citizen, annual income shall be defined as follows:
annual income shall include 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 an application for exemption. "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, except
in such circumstances wherein only the income of a resident owner
is permitted to be considered under the provisions of § 467
of the New York Real Property Tax Law. 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, moneys earned through employment in the federal foster
grandparent program and/or 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 shall be allowed
for the exhaustion, wear and tear of real or personal property held
for the production of income.
