2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 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