No exemption shall be granted:
A. If the income of the owner or the combined income of the owners of
the property exceeds the sum of $37,399 for the income tax year immediately
preceding the date of making application for exemption.
[Amended 5-16-2022 by L.L. No. 6-2022]
(1) Percentage of exemption shall be calculated as provided in the following
schedule:
Maximum Annual Amount
|
Percentage
|
---|
$0 to $29,000
|
50%
|
$29,000.01 to $29,999.99
|
45%
|
$30,000 to $30,999.99
|
40%
|
$31,000 to $31,999.99
|
35%
|
$32,000 to $32,899.99
|
30%
|
$32,900 to $33,799.99
|
25%
|
$33,800 to $34,699.99
|
20%
|
$34,700 to $35,599.99
|
15%
|
$35,600 to $36,499.99
|
10%
|
$36,500 to $37,399.99
|
5%
|
(2) "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 was filed, the calendar year. Where title is vested
in either the husband or wife, their combined income may not exceed
such sum. Such income shall include social security and retirement
benefits, interest dividends, total gain from 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
the net rental income and net self-employment income, no depreciation
deduction shall be allowed for the exhaustion, wear and tear of real
or personal property held for the production of income. For the purposes
of this article, income shall not include veterans' disability
compensation, as defined in Title 38 of the United States Code.
(3) For
purposes of the senior citizen property tax exemption, any such senior
citizen who is a service-connected disabled veteran and receives disability
compensation from the U.S. Department of Veterans Affairs shall not
have said payments/compensation included in the calculation by the
Assessor for the purposes of receiving this exemption.
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 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 purposes of computing such period of 24 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 purposes
of computing such period of 24 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 same assessment unit, 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. Notwithstanding any other provision of law,
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 as provided in this article.
C. Unless the property is used exclusively for residential purposes.
D. Unless the 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.
The Village shall notify, or cause to be notified, each person
owning residential real property in the Village of the provisions
of this article. The provisions of this section may be met by a notice
or legend sent on or with each tax bill to such persons reading, "You
may be eligible for senior citizen tax exemption. For information,
please call or write...," followed by the name, telephone number and/or
address of the person or department selected by the Village to explain
the provisions of this article. Failure to notify, or cause to notify,
any person who is, in fact, eligible to receive the exemption provided
by this article or the failure of such person to receive the same
shall not prevent the levy, collection and enforcement of the payment
of the taxes on property owned by such person.
Application for such exemption must be made by the owner, or
all of the owners of the property, on forms prescribed by the State
Board of Equalization and Assessment to be furnished by the Assessor
appointed by the Village and shall be filed in the Assessor's
office on or before the taxable status date of the Village.
At least 60 days prior to the appropriate taxable status date,
the Assessor shall mail to each person who was granted exemption pursuant
to this article the latest completed assessment roll, an application
form and a notice that such application must be filed on or before
the taxable status date and be approved in order for the exemption
to be granted. The assessing authority shall, within three days of
the completion and filing of the tentative assessment roll, notify
by mail any applicant who has included with his or her other application
at least one self-addressed, prepaid envelope of the approval or denial
of the application; provided, however, that the assessing authority
shall, upon the receipt and filing of the application, send by mail
notification of receipt to any applicant who has included two of such
envelopes with the application. Where an applicant is entitled to
a notice of denial pursuant to this article, such notice shall be
on a form prescribed by the State Board of Equalization and Assessment
and shall state the reasons for such denial and shall further state
that the applicant may have such determination reviewed in the manner
provided by law. Failure to mail any such application form and notice
or the failure of such person to receive the same shall not prevent
the levy, collection and enforcement of the payment of the taxes on
property owned by such person.
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.