[Adopted 11-16-1978 as Ch. 113, Art. I, of the 1978 Code]
[Last amended 5-20-2010 by L.L. No. 1-2010]
Pursuant to the provisions of § 467
of the Real Property Tax Law of the State of New York, real property
owned by one or more persons, each of whom is 65 years of age or over,
or real property owned by husband or wife, one of whom is 65 years
of age or over, shall be exempt from taxation by the Village of Lake
Grove to the extent of 50% based upon an annual income of no more
than $29,000, and thereafter at a percentage of the assessed valuation
thereof as determined by the following schedule:
|
Over 65 Exemption Income Limits
| |
|---|---|
|
Annual Income
|
Percentage of Assessed Valuation Exempt
From Taxation
|
|
$29,000 or less
|
50%
|
|
More than $29,000 but less than $30,000
|
45%
|
|
$30,000 or more, but less than $31,000
|
40%
|
|
$31,000 or more, but less than $32,000
|
35%
|
|
$32,000 or more, but less than $32,900
|
30%
|
|
$32,900 or more, but less than $33,800
|
25%
|
|
$33,800 or more, but less than $34,700
|
20%
|
|
$34,700 or more, but less than $35,600
|
15%
|
|
$35,600 or more, but less than $36,500
|
10%
|
|
$36,500 or more, but less than $37,400
|
5%
|
[Last amended 5-20-2010 by L.L. No. 1-2010]
A.
No exemption shall be granted:
(1)
If the income of the owner or the combined income
of the owners of the property for the calendar year immediately preceding
the date of making application for exemption exceeds $37,400. 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.
B.
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, is not less
than or equal to the sum of $3,000 nor more than the sum of $37,400,
where title is vested in either the husband or wife, then such property
owners may file an application for exemption under this article. "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 return
is filed, the calendar year. Such income shall include social security
and retirement benefits, interest, dividends, net rental income, salary
or earnings and income from self-employment and total gain for the
sale or exchange of a capital asset in the same income tax year, but
shall not include a return of capital, gifts or inheritances. Such
application shall be made on or after the fifth day following the
adoption of this article, and the applicants may file for such exemption
until the date of completion of the assessment roll as governed by
§ 516 of the Real Property Tax Law and this article.
Application for such exemption must be made
annually by the owner or by all of the owners of the property on forms
to be furnished by the Village Assessor, and the applicant or applicants
shall furnish the information and execute the forms in the manner
required in or prescribed by such forms. Applications shall be filed
annually in such Assessor's office on or before the appropriate taxable
status date or within such other time as may hereafter be fixed by
law before the date for filing the final assessment role in each year.
At least 60 days prior to January 1 of each
year, the assessing authority shall mail to each person who was granted
exemption pursuant to this article on the latest completed assessment
rolls 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. 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 exemptions for a period of five years.
