For the purposes of this article, the terms used herein are defined as follows:
- A. Social security benefits.
- B. Retirement benefits.
- C. Interest.
- D. Dividends.
- E. Total gain from the sale or exchange of capital assets, which may be offset by losses from the sale or exchange of capital assets in the same income tax year.
- F. Net rental income, with no allowance for a depreciation deduction therefrom for the exhaustion, wear and tear of real or personal property held for the production of income.
- G. Salary or earnings.
- H. Net income from self-employment, with no allowance for a depreciation deduction therefrom for the exhaustion, wear and tear of real or personal property held for the production of income.
- INCOME TAX YEAR
- The twelve-month period for which the owner or owners of the subject real property file a federal individual income tax return, or, if no such return is filed, the calendar year.
[Amended 12-7-1987 by L.L No. 6-1987]
Real property located within the Incorporated Village of Sea Cliff which is 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 the Village, to the extent of 50% of the assessed valuation thereof, subject to the limitations hereinafter stated.
[Added 12-7-1987 by L.L. No. 6-1987; amended 12-17-1990 by L.L. No. 1-1990]
The exemption from taxation stated above shall not be granted if the income of the owner or 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 set forth in Chapter A159, § A159-1. Where title is vested in either the husband or the wife, their combined income may not exceed such sum.
Any exemption provided by this article shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed.
[Amended 10-4-1982 by L.L. No. 4-1982; 12-1-1986 by L.L. No. 5-1986, effective 12-22-1986; 12-7-1987 by L.L. No. 6-1987]
The exemption from taxation stated above shall not be granted unless the title to 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, subject to the following conditions:
Unless the property is used exclusively for residential purposes.
Unless the real property is the legal residence of and is occupied in whole or in part by the owner or by all the owners of the property, provided that an owner who is absent while receiving health-related care as an inpatient of a residential health-care facility, as defined in § 2801 of the Public Health Law, shall be deemed to remain a legal resident and an 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.
Application for such exemption must be made in accordance with the provisions of the Real Property Tax Law.
Editor's Note: See Real property Tax Law § 467.
[Amended 12-7-1987 by L.L. No. 6-1987]
The determination of whether an application for exemption shall be granted and whether the property shall be exempt under the provisions of this article shall be made by the Assessor, and his determination shall be final. If the Assessor determines that the application for exemption be granted and that the property is exempt, he shall make appropriate entries upon the assessment roll opposite the description of such property. If the Assessor determines that the application for exemption is not to be granted, the property shall be fully subject to any tax imposed by the Incorporated Village of Sea Cliff.
In making such determination, 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 for renewal of exemptions required pursuant to this article on or before the taxable status date, the Assessor may accept such application, executed as if it had been filed on or before the taxable status date, provided that it is filed with the Assessor on or before the date for the hearing of complaints.
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 solely because of the death of the older spouse as long as the surviving spouse is at least 62 years of age.