[Amended 12-12-2012 by L.L. No. 2-2012]
A. Real
property 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 any municipal
corporation in which located to the extent of the percentages outlined
below.
B. 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 shall be used to compute the percentage of exemption
in accordance with the following:
(1) Fifty percent of the assessed valuation thereof, whose annual income
is $29,000 or less;
(2) Forty-five percent of the assessed valuation thereof, whose present
income is between than $29,000.01 and $29,999.99;
(3) Forty percent of the assessed valuation thereof, whose present income
is between $30,000 and $30,999.99;
(4) Thirty-five percent of the assessed valuation thereof, whose present
income is between $31,000 and $31,999.99;
(5) Thirty percent of the assessed valuation thereof, whose present income
is between $32,000 and $32,899.99;
(6) Twenty-five percent of the assessed valuation thereof, whose present
income is between $32,900 and $33,799.99;
(7) Twenty percent of the assessed valuation thereof, whose present income
is between $33,800 and $34,699.99;
(8) Fifteen percent of the assessed valuation thereof, whose present
income is between $34,700 and $35,599.99;
(9) Ten percent of the assessed valuation thereof, whose present income
is between $35,600 and $36,499.99; and
(10) Five percent of the assessed valuation thereof, whose present income
is between $36,500 and $37,399.99.
C. "Income
tax year" shall mean the twelve-month period for which the owner or
owners file a federal personal income tax return or, if no such return
was filed, the calendar year.
Eligibility for exemption will be extended to
citizens who turn 65 years of age after the taxable status date and
on or before December 31 of the same year so long as said citizen
meets the appropriate filing dates as required by the state law.
Exemption from taxation for school purposes
shall not be granted in the case of real property where a child resides,
if such child attends a public school of elementary or secondary education.
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 $37,399.99. "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 the wife, their combined income may not exceed such sum.
Such income shall include social security and retirement benefits,
interest, dividends, net rental income, salary or earnings, and net
income from self-employment, but shall not include gifts or inheritances.
[Amended 12-12-2012 by L.L. No. 2-2012]
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 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
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 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 transferee 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 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 same
assessment unit, the period of ownership of the of 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.
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.
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.