§ 467-K — Senior citizen longtime resident exemption

New York § 467-K

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2: Private Property
• Art. 4: Exemptions

Text

* § 467-k. Senior citizen longtime resident exemption. 1.\nEstablishment. Any city with a population greater than two hundred\nfifty thousand and less than three hundred thousand, as determined by\nthe latest decennial federal census, after conducting a public hearing,\nmay adopt a local law to grant a senior citizen longtime resident\nexemption pursuant to this section. Once a city has enacted a local law\nadopting the provisions of this section, the county government in which\nsuch city is located may also enact a local law to provide an exemption\nin the same manner as such city.\n 2. Eligibility. a. No exemption shall be granted pursuant to this\nsection unless:\n (1) the property is a one-, two- or three-family residential property\nlocated within a United States census tract that has a median income not\nexceeding sixteen thousand fifty-six dollars according to the two\nthousand ten decennial census. A city adopting the provisions of this\nsection may by local law further limit the exemption to specific areas\nwithin such city experiencing an increase in property values due to new\ndevelopment occurring therein, which put senior citizen longtime\nresidents at risk of displacement;\n (2) the property serves as the primary residence of one or more of the\nowners;\n (3) all of the owners are at least sixty-five years of age or older,\nor in the case of property owned by husband and wife or by siblings, one\nof the owners is at least sixty-five years of age, as of the taxable\nstatus date. At the option of the city, which shall be specified in the\nlocal law adopting the provisions of this section, any person otherwise\nqualifying under this section shall not be denied the exemption under\nthis section if he or she becomes sixty-five years of age after the\nappropriate taxable status date and on or before December thirty-first\nof the same year;\n (4) one or more of the owners has owned and resided in the property\nfor no fewer than twenty-five consecutive years; and\n (5) the total household income does not exceed thirty thousand dollars\nfor the latest preceding income tax year prior to the date of\napplication for such exemption. The term "income" as used in this\nsection shall mean the "adjusted gross income" for federal income tax\npurposes as reported on the applicant's federal or state income tax\nreturn for the applicable income tax year, subject to any subsequent\namendments or revisions, reduced by distributions, to the extent\nincluded in federal adjusted gross income, received from an individual\nretirement account and an individual retirement annuity; provided that\nif no such return was filed for the applicable income tax year, "income"\nshall mean the adjusted gross income that would have been so reported if\nsuch a return had been filed.\n 3. Calculation of exemption. a. Except as provided in paragraph b of\nthis subdivision, a senior citizen longtime resident shall be exempt\nfrom taxation and special ad valorem levies for every year in which the\nproperty's current assessment exceeds the "base assessment." For the\npurposes of this section the "base assessment" shall be the assessment\nthat appeared on the assessment roll immediately preceding the first\nyear in which an exemption was granted pursuant to this section. The\nassessor shall annually calculate the exemption by subtracting the "base\nassessment" from the current year's assessment.\n b. Notwithstanding the provisions of paragraph a of this subdivision,\nno exemption shall be allowed to the extent that the assessment\nincreased due to one or more of the following events:\n (1) a physical improvement made to the property;\n (2) a removal or reduction of an exemption on the eligible taxpayer's\nprimary residence, including a reduction of the STAR exempt amount\ncalculated pursuant to subdivision two of section four hundred\ntwenty-five of this title; or\n (3) a revaluation that caused the assessment of the eligible\ntaxpayer's primary residence to increase by a percentage that is less\nthan or equal to the applicable change in level of assessment. As used\nin this section, the terms "revaluation" and "change in level of\nassessment" shall have the same meanings as set forth in sections one\nhundred two and twelve hundred twenty of this chapter, respectively.\n 4. Application for such exemption shall be made annually on a form\nprescribed by the commissioner. Such application shall be made to the\ncity assessor on or before the taxable status date. No application for\nsuch exemption shall be granted unless the eligibility criteria of\nsubdivision two of this section are met.\n 5. In the event that a property granted an exemption pursuant to this\nsection transfers ownership or otherwise ceases to meet the eligibility\nrequirements of the exemption in subdivision two of this section, the\nexemption granted pursuant to this section shall be discontinued. Upon\ndetermining that an exemption granted pursuant to this section should be\ndiscontinued, the assessor shall mail a notice so stating to the owner\nor owners thereof at the time and in the manner provided by section five\nhundred ten of this chapter.\n 6. The city assessor shall, on or before December first, mail to each\nperson who was granted an exemption pursuant to this section for the\ncurrent city fiscal year, an application form for an exemption and a\nnotice that such application must be filed no later than the taxable\nstatus date in order for the exemption to be granted or continued.\nFailure to mail any such application form or notice or the failure of\nsuch person or persons to receive the same shall not prevent the levy,\ncollection and enforcement of the payment of the taxes on property owned\nby such person or persons.\n * NB There are 2 § 467-k's\n