N.Y. Real Property Tax Law § 467-k: Senior citizen longtime resident exemption

* § 467-k. Senior citizen longtime resident exemption. 1.

Establishment. Any city with a population greater than two hundred

fifty thousand and less than three hundred thousand, as determined by

the latest decennial federal census, after conducting a public hearing,

may adopt a local law to grant a senior citizen longtime resident

exemption pursuant to this section. Once a city has enacted a local law

adopting the provisions of this section, the county government in which

such city is located may also enact a local law to provide an exemption

in the same manner as such city.

2. Eligibility. a. No exemption shall be granted pursuant to this

section unless:

(1) the property is a one-, two- or three-family residential property

located within a United States census tract that has a median income not

exceeding sixteen thousand fifty-six dollars according to the two

thousand ten decennial census. A city adopting the provisions of this

section may by local law further limit the exemption to specific areas

within such city experiencing an increase in property values due to new

development occurring therein, which put senior citizen longtime

residents at risk of displacement;

(2) the property serves as the primary residence of one or more of the

owners;

(3) all of the owners are at least sixty-five years of age or older,

or in the case of property owned by husband and wife or by siblings, one

of the owners is at least sixty-five years of age, as of the taxable

status date. At the option of the city, which shall be specified in the

local law adopting the provisions of this section, any person otherwise

qualifying under this section shall not be denied the exemption under

this section if he or she becomes sixty-five years of age after the

appropriate taxable status date and on or before December thirty-first

of the same year;

(4) one or more of the owners has owned and resided in the property

for no fewer than twenty-five consecutive years; and

(5) the total household income does not exceed thirty thousand dollars

for the latest preceding income tax year prior to the date of

application for such exemption. The term "income" as used in this

section shall mean the "adjusted gross income" for federal income tax

purposes as reported on the applicant's federal or state income tax

return for the applicable income tax year, subject to any subsequent

amendments or revisions, reduced by distributions, to the extent

included in federal adjusted gross income, received from an individual

retirement account and an individual retirement annuity; provided that

if no such return was filed for the applicable income tax year, "income"

shall mean the adjusted gross income that would have been so reported if

such a return had been filed.

3. Calculation of exemption. a. Except as provided in paragraph b of

this subdivision, a senior citizen longtime resident shall be exempt

from taxation and special ad valorem levies for every year in which the

property's current assessment exceeds the "base assessment." For the

purposes of this section the "base assessment" shall be the assessment

that appeared on the assessment roll immediately preceding the first

year in which an exemption was granted pursuant to this section. The

assessor shall annually calculate the exemption by subtracting the "base

assessment" from the current year's assessment.

b. Notwithstanding the provisions of paragraph a of this subdivision,

no exemption shall be allowed to the extent that the assessment

increased due to one or more of the following events:

(1) a physical improvement made to the property;

(2) a removal or reduction of an exemption on the eligible taxpayer's

primary residence, including a reduction of the STAR exempt amount

calculated pursuant to subdivision two of section four hundred

twenty-five of this title; or

(3) a revaluation that caused the assessment of the eligible

taxpayer's primary residence to increase by a percentage that is less

than or equal to the applicable change in level of assessment. As used

in this section, the terms "revaluation" and "change in level of

assessment" shall have the same meanings as set forth in sections one

hundred two and twelve hundred twenty of this chapter, respectively.

4. Application for such exemption shall be made annually on a form

prescribed by the commissioner. Such application shall be made to the

city assessor on or before the taxable status date. No application for

such exemption shall be granted unless the eligibility criteria of

subdivision two of this section are met.

5. In the event that a property granted an exemption pursuant to this

section transfers ownership or otherwise ceases to meet the eligibility

requirements of the exemption in subdivision two of this section, the

exemption granted pursuant to this section shall be discontinued. Upon

determining that an exemption granted pursuant to this section should be

discontinued, the assessor shall mail a notice so stating to the owner

or owners thereof at the time and in the manner provided by section five

hundred ten of this chapter.

6. The city assessor shall, on or before December first, mail to each

person who was granted an exemption pursuant to this section for the

current city fiscal year, an application form for an exemption and a

notice that such application must be filed no later than the taxable

status date in order for the exemption to be granted or continued.

Failure to mail any such application form or notice or the failure of

such person or persons to receive the same shall not prevent the levy,

collection and enforcement of the payment of the taxes on property owned

by such person or persons.

* NB There are 2 § 467-k's