The purpose of this article is to provide a
partial exemption from real property taxes to persons 65 years of
age or over and to permit such persons to file late applications for
partial real property tax exemptions until the date for the hearing
of complaints pursuant to § 467 of the Real Property Tax
Law. All definitions, terms and conditions of such statute shall apply
to this article.
This article shall hereafter be known and cited
as the "Senior Citizens Exemption Law."
[Amended 3-14-2001 by L.L. No. 3-2001; 4-29-2003 by L.L. No. 4-2003; 2-25-2004 by L.L. No. 1-2004; 2-28-2007 by L.L. No.
2-2007]
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 or by siblings, one of whom is 65 years of age or
over and whose income is determined by the Assessor in accordance
with the provisions of Paragraph (a), Subdivision 3, of § 467
of the Real Property Tax Law, to be not more than $26,000 beginning
July 1, 2006; $27,000 beginning July 1, 2007; $28,000 beginning July
1, 2008; and $29,000 beginning July 1, 2009, shall be exempt from
taxation to the extent of 50% of the assessed valuation thereof.
[Amended 3-14-2001 by L.L. No. 3-2001; 4-29-2003 by L.L. No. 4-2003; 2-25-2004 by L.L. No. 1-2004; 2-28-2007 by L.L. No.
2-2007]
To the extent that the income of an owner or owners of real property, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, exceeds the maximum income amount set forth above in this article at § 440-32, such real property shall be exempt from taxation to the following extent of the assessed valuation thereof:
A.
For the period expiring June 30, 2007:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
| |
|---|---|---|
|
$0 to $26,000.00
|
50%
| |
|
$26,000.01 to $26,999.99
|
45%
| |
|
$27,000.00 to $27,999.99
|
40%
| |
|
$28,000.00 to $28,999.99
|
35%
| |
|
$29,000.00 to $29,899.99
|
30%
| |
|
$29,900.00 to $30,799.99
|
25%
| |
|
$30,800.00 to $31,699.99
|
20%
| |
|
$31,700.00 to $32,599.99
|
15%
| |
|
$32,600.00 to $33,499.99
|
10%
| |
|
$33,500.00 to $34,399.99
|
5%
|
B.
For the period commencing July 1, 2007, and expiring
on June 30, 2008:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
| |
|---|---|---|
|
$0 to $27,000.00
|
50%
| |
|
$27,000.01 to $27,999.99
|
45%
| |
|
$28,000.00 to $28,999.99
|
40%
| |
|
$29,000.00 to $29,999.99
|
35%
| |
|
$30,000.00 to $30,899.99
|
30%
| |
|
$30,900.00 to $31,799.99
|
25%
| |
|
$31,800.00 to $32,699.99
|
20%
| |
|
$32,700.00 to $33,599.99
|
15%
| |
|
$33,600.00 to $34,499.99
|
10%
| |
|
$34,500.00 to $35,399.99
|
5%
|
C.
For the period commencing July 1, 2008, and expiring
on June 30, 2009:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
| |
|---|---|---|
|
$0 to $28,000.00
|
50%
| |
|
$28,000.01 to $28,999.99
|
45%
| |
|
$29,000.00 to $29,999.99
|
40%
| |
|
$30,000.00 to $30,999.99
|
35%
| |
|
$31,000.00 to $31,899.99
|
30%
| |
|
$31,900.00 to $32,799.99
|
25%
| |
|
$32,800.00 to $33,699.99
|
20%
| |
|
$33,700.00 to $34,599.99
|
15%
| |
|
$34,600.00 to $35,499.99
|
10%
| |
|
$35,500.00 to $36,399.99
|
5%
|
D.
For the period commencing July 1, 2009:
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
| |
|---|---|---|
|
$0 to $29,000.00
|
50%
| |
|
$29,000.01 to $29,999.99
|
45%
| |
|
$30,000.00 to $30,999.99
|
40%
| |
|
$31,000.00 to $31,999.99
|
35%
| |
|
$32,000.00 to $32,899.99
|
30%
| |
|
$32,900.00 to $33,799.99
|
25%
| |
|
$33,800.00 to $34,699.99
|
20%
| |
|
$34,700.00 to $35,599.99
|
15%
| |
|
$35,600.00 to $36,499.99
|
10%
| |
|
$36,500.00 to $37,399.99
|
5%
|
A.
In the event the owner or all of the owners of real
property who received an exemption pursuant to § 467 of
the Real Property Tax Law on the preceding assessment roll fails to
file the application required pursuant to § 467 of the Real
Property Tax Law on or before the appropriate 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 after the appropriate taxable status date but 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:
B.
The Assessor shall approve or deny such application
as if it had been filed on or before the appropriate taxable status
date.
A.
Cooperative apartment shareholders qualify for exemption.
Title to that portion of real property owned by a cooperative apartment
corporation in which a tenant-stockholder of such corporation resides
and which is represented by his share or shares of stock in such corporation
as determined by its or their proportional relationship to the total
outstanding stock of the corporation, including that owned by the
corporation, shall be deemed to be vested in such tenant-stockholder.
B.
Shareholders who are not eligible. A tenant-stockholder who resides in a dwelling that is subject to the provisions of either Article II, IV, V or XI of the Private Housing Finance Law, which provisions relate to housing projects that provide certain benefits for families and individuals of low income, and who is eligible for a rent increase exemption pursuant to § 467-c of the Real Property Tax Law shall not be eligible for an exemption pursuant to this article.
C.
Method of calculating exemption for certain eligible shareholders.A tenant-stockholder who resides in a dwelling that is subject to the provisions of either Article II, IV, V or XI of the Private Housing Finance Law, which provisions relate to housing projects that provide certain benefits for families and individuals of low income, and who is not eligible for a rent increase exemption pursuant to § 467-c of the Real Property Tax Law, but who meets the requirements for eligibility for an exemption pursuant to this article shall be eligible for such exemption, provided that such exemption shall be in an amount determined by multiplying the exemption otherwise allowable pursuant to this article by a fraction having a numerator equal to the amount of real property taxes or payments in lieu of taxes that were paid with respect to such dwelling and a denominator equal to the full amount of real property taxes that would have been owed with respect to such dwelling had it not been granted an exemption or abatement of real property taxes pursuant to any provision of law; provided, however, that any reduction in real property taxes received with respect to such dwelling pursuant to this article or § 467-c of the Real Property Tax Law shall not be considered in calculating such numerator.
D.
Shareholder's election to receive alternative exemptions:
A tenant-stockholder who resides in a dwelling that was or continues
to be subject to a mortgage insured or initially insured by the federal
government pursuant to Section 213 of the National Housing Act,
as amended, and who is eligible for both a rent increase exemption
pursuant to § 467-c of the Real Property Tax Law and an
exemption pursuant to this article, may apply for and receive either
a rent increase exemption pursuant to § 467-c of the Real
Property Tax Law or an exemption pursuant to this article, but not
both.
Pursuant to New York Municipal Home Rule Law
§ 22, the provisions of this article are intended to supersede
the provisions of Real Property Tax Law § 467 to the extent
that this article and Real Property Tax Law § 467 are inconsistent.
