[Adopted 5-24-1999 by L.L. No. 1-1999]
B.
The aforesaid exemption may be subject to the following
conditions, to wit:
(1)
No exemption shall be granted 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 $26,899.99.[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 is filed, the calendar year. Where title is vested
in either the husband or the wife, their combined income may not exceed
such sum, except where the husband or wife, or ex-husband or ex-wife,
is absent from the property due to divorce, legal separation or abandonment,
then only the income of the spouse or ex-spouse residing on the property
shall be considered and may not exceed such sum. Such income shall
include social security and retirement benefits, interest, dividends,
total gain from the 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, inheritances or monies earned through employment in
the federal foster grandparent program and any such income shall be
offset by all medical and prescription drug expenses actually paid
which were not reimbursed or paid for by insurance. In computing net
rental income from self-employment, no depreciation deduction shall
be allowed for the exhaustion, wear and tear of real or personal property
held for the production of income.
(2)
The property is used exclusively for residential purposes;
provided, however, that in the event that any portion of such property
is not so used exclusively for residential purposes but is used for
other purposes, such portion shall be subject to taxation and the
remaining portion only shall be entitled to the exemption herein.
(3)
The real property is the legal residence of and is
occupied in whole or in part by the disabled person; except where
the disabled person is absent from the residence while receiving health-related
care as an inpatient of a residential health care facility, as defined
in § 2801 of the Public Health Law, provided that any income
accruing to the person shall be considered income for purposes of
this section only to the extent that it exceeds the amount paid by
such person or spouse or sibling of such person for care in the facility.
For purposes of this exemption, ownership in
a cooperative apartment corporation shall be exempt as follows:
A.
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.
That proportion of the assessment of such real property
owned by a cooperative apartment corporation determined by the relationship
of such real property vested in such tenant-stockholder to such entire
parcel and the buildings thereon owned by such cooperative apartment
corporation in which such tenant-stockholder resides shall be subject
to exemption from taxation pursuant to this section and any exemption
so granted shall be credited by the appropriate taxing authority against
the assessed valuation of such real property; the reduction in real
property taxes realized thereby shall be credited by the cooperative
apartment corporation against the amount of such taxes otherwise payable
by or chargeable to such tenant-stockholder.
This article shall take effect for the tax roll
for the year 2000.
