§ 288-1. Grant of exemption; conditions.

Pursuant to § 467 of the New York Real Property Tax Law, 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, one of whom is 65 years of age or over, shall be exempt from City taxation by the City of New Rochelle to the extent of 50% of the assessed valuation thereof, subject to the following conditions:

A. 

No exemption shall be granted:

(1) 

If the income of the owner or the combined incomes of the owners of the property exceed the amount set forth in § 288-2 for the income tax year immediately preceding the date of making application for exemption. "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. 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 the net income from self-employment, but shall not include a return of capital, gifts or inheritances. In computing net rental income and net income from self-employment, no depreciation shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income.

[Amended 11-16-1982 by Ord. No. 252-1982; 11-18-1986 by Ord. No. 297-1986]

Editor's Note: Amended during codification.

(2) 

Unless the title of the 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.

(3) 

Unless the property is used exclusively for residential purposes.

(4) 

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.

B. 

Application for such exemption must be made by the owner or all of the owners of the property, on forms to be furnished by the Bureau of Assessments, and shall furnish the information and be executed in the manner required or prescribed on such form.

C. 

Application for such exemption shall be filed in the office of the Bureau of Assessments on or before May 1 of each year.

D. 

At least 60 days prior to the appropriate taxable status date, the Assessor shall mail to each person who was granted exemption pursuant to this section on the latest completed assessment roll an application form and a notice that such application must be filed on or before 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.

E. 

The Assessor may require any applicant to furnish such other and further information as may be necessary for him to establish the qualification for exemption of said applicant. He may establish such rules and procedures and take such other steps as may be necessary to implement the provisions of this article.

F. 

The applicant must verify as to the truth of the statements contained in such application. Any conviction of having made any willful false statement in such application shall be punishable by a fine not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.

Amended 3-2-1976 by Ord. No. 61-1976; 6-7-1977 by Ord. No. 162-1977; 7-24-1979 by Ord. No. 185-1979; 10-21-1980 by Ord. No. 226-1980