Town of Tusten, NY
Sullivan County
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[Adopted 7-14-2003 by L.L. No. 1-2003]
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, one of whom is 65 years of age or over, shall be exempt from taxation by the County of Sullivan to the extent of 50% of the assessed value thereof or such lesser per centum of assessed value thereof for persons whose maximum income eligibility is increased in accordance with the provisions of Paragraph (b) of Subdivision (1) of § 467 of the Real Property Tax Law.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
The maximum income eligibility determined in accordance with Subdivision 3 of § 467 of the Real Property Tax Law shall be $20,500, and shall entitle the owners to a 50% exemption. Any such income shall be offset by all medical and prescription drug expenses actually paid which were not reimbursed or paid for by insurance. 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.
Income
Percentage of Assessed Valuation Exempt from Taxation
Less than $20,500
50%
Greater than $20,501 but less than $21,500
45%
Greater than $21,501 but less than $22,500
40%
Greater than $22,501 but less than $23,500
35%
Greater than $23,501 but less than $24,400
30%
Greater than $24,401 but less than $25,300
25%
Greater than $25,301 but less than $26,200
20%
Greater than $26,201 but less than $27,100
15%
Greater than $27,101 but less than $28,000
10%
Greater than $28,001 but less than $28,900
5%
No exemption shall be allowed except in accordance with the provisions of § 467 of the Real Property Tax Law for real property which qualifies by use and ownership upon an application submitted in the manner provided by such section.
[Added at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
Notwithstanding the provisions of Subdivisions 5 and 6 of § 467 of the Real Property Tax Law, the Town Board hereby authorizes the Assessor to accept applications for renewal of exemptions pursuant to this article after the taxable status date. In the event the owner, or all of the owners, of property which has received an exemption pursuant to this article on the preceding assessment roll fails 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 on or before the date for the hearing of complaints.