[Adopted 12-12-1983 by L.L. No. 1-1983 as Ch. 40, Art. I,
of the 1983 Code]
A.
Extent of exemption.
[Amended 11-3-1986 by L.L. No. 1-1986]
(1)
Pursuant to the provisions of § 467 of the Real Property
Tax Law and as therein provided, the real property owned by one or
more persons, each of whom is 65 years of age or over, or real property
owned by a husband and wife or siblings, one of whom is 65 years of
age or over, shall be exempt from taxation to the following extent.
For purposes of this section, “sibling” shall mean a brother
or a sister, whether related through half blood, whole blood or adoption.[1]
|
Income of Owner
|
Percent of Assessed Valuation Exempt From Taxation
| |
|---|---|---|
|
Less than or equal to $14,300
|
50%
| |
|
More than $14,300 but less than $15,300
|
45%
| |
|
$15,300 or more but less than $16,300
|
40%
| |
|
$16,300 or more but less than $17,300
|
35%
| |
|
$17,300 or more but less than $18,200
|
30%
| |
|
$18,200 or more but less than $19,100
|
25%
| |
|
$19,100 or more but less than $20,000
|
20%
| |
|
Over $20,000
|
0%
|
(2)
Such exemption shall be computed after all other partial exemptions
allowed by law have been subtracted from the amount assessed.
B.
The real property tax exemption on real property owned by husband
and wife, one of whom is 65 years of age or over, once granted, shall
not be rescinded by the Village solely because of the death of the
older spouse so long as the surviving spouse is at least 62 years
of age.
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 of $20,000. “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 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 as provided in Subsection D(2), 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 of capital, gifts, inheritances, payments made to individuals because of their status as victims of Nazi persecution, as defined in P.L. 103-2861, or monies earned through employment in the federal foster grandparent program. Furthermore, such income shall not include the proceeds of a reverse mortgage, as authorized by § 6-h of the Banking Law, and §§ 280 and 280-a of the Real Property Law; provided, however, that monies used to repay a reverse mortgage may not be deducted from income, and provided additionally that any interest or dividends realized from the investment of reverse mortgage proceeds shall be considered income. The provisions of this subsection notwithstanding, such income shall not include veterans disability compensation, as defined in Title 38 of the United States Code, provided the governing board of such municipality, after public hearing, adopts a local law, ordinance or resolution providing therefor. 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 11-3-1986 by L.L. No. 1-1986[1]]
B.
Unless the title of the property shall have been vested in the owner
or one of the owners of the property for at least 12 consecutive months
prior to the date of making application for exemption; provided, however,
that in the event of the death of either a husband or wife in whose
name title of the property shall have been vested at the time of death
and then becomes vested solely in the survivor by virtue of devise
by or descent from the deceased husband or wife, the time of ownership
of the property by the deceased husband or wife shall be deemed also
a time of ownership by the survivor, and such ownership shall be deemed
continuous for the purpose of computing such period of 12 consecutive
months; provided further that, in the event of a transfer by either
a husband or wife to the other spouse of all or part of the title
to the property, the time of ownership of the property by the transferor
spouse shall be deemed also a time of ownership by the transferee
spouse, and such ownership shall be deemed continuous for the purpose
of computing such period of 12 consecutive months; 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, and further
provided that where a residence is sold and replaced with another
within one year and is in the state, the period of ownership of the
former property shall be combined with the period of ownership of
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 is in the Village of Hancock, the period of ownership
of the former property shall be combined with the period of ownership
of the replacement residence and deemed consecutive for exemption
from taxation by the Village.[2]
C.
Unless the property is used exclusively for residential purposes;
provided, however, that in the event that any portion of such property
is not so used exclusively for residential purposes, but is used for
other purposes, such portion shall be subject to taxation, and the
remaining portion only shall be entitled to the exemption provided
by this section.
[Amended 11-3-1986 by L.L. No. 1-1986]
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;
except where:
[Amended 11-3-1986 by L.L. No. 1-1986[3]]
(1)
An
owner who is absent while receiving health-related care as an in-patient
of a residential health care facility, as defined in § 2801
of the Public Health Law, shall be deemed to remain a legal resident
and occupant of the property while so confined, and income accruing
to that person shall be income only to the extent that it exceeds
the amount paid by such owner, spouse or co-owner, for care in the
facility; and provided further, that during such confinement, such
property is not occupied by other than the spouse or co-owner of such
owner; or
(2)
The
real property is owned by a husband and/or wife, or an ex-husband
and/or an ex-wife, and either is absent from the residence due to
divorce, legal separation or abandonment and all other provisions
of this section are met, provided that where an exemption was previously
granted when both resided on the property, then the person remaining
on the real property shall be 62 years of age or over.[4]
[4]
Editor's Note: Original § 40-3 of the 1983 Code,
Notification to property owners, which immediately followed this subsection,
was repealed 9-14-1992 by L.L. No. 4-1992.
In the event that the owner or all of the owners of property
which has received an exemption pursuant to this article on the preceding
assessment roll shall fail to file the application required pursuant
to this article on or before the taxable status date, such owner or
owners may file the application, executed as if such application had
been filed on or before the taxable status date, with the Assessor
not later than the last date on which a petition with respect to complaints
of assessment may be filed, where failure to file a timely application
resulted from:
A.
A death
of the applicant's spouse, child, parent, brother or sister; or
B.
An illness
of the applicant or of the applicant's spouse, child, parent, brother
or sister, which actually prevents the applicant from filing on a
timely basis, as certified by a licensed physician.[2]
[2]
Editor's Note: Original § 40-5 of the 1983 Code,
Additional information required; power to establish rules, and § 40-6,
Penalties for offenses, which immediately followed this section, were
repealed 9-14-1992 by L.L. No. 4-1992.
