PLEASE TAKE NOTICE that the Board of Trustees of the Incorporated Village of Port Jefferson, New York, will hold a Public Hearing at the Village Hall, 121 West Broadway, Port Jefferson, New York on the 4th of April, 2011 at 7:00 P.M. o’clock in the evening (prevailing time) pursuant to Section 21-2100 of the Village Law of the State of New York and Section 20 of the Municipal Home Rule Law of the State of New York to consider amending and revising the Code of the Incorporated Village of Port Jefferson, New York, in the following manner:

IT IS PROPOSED that Section 225-1 A and B of the Code of the Incorporated Village of Port Jefferson be amended by deleting the same in their entirety and substituting in lieu thereof Section 225-1 A through D, and re-lettering Section 225-1C as Section 225-1E, as follows:

§225-1. Exemption Granted

A. Pursuant and subject to the provisions of §467 of the Real Property Tax Law of the State of New York, real property located within the Incorporated Village of Port Jefferson that is owned by one or more persons, each of whom is 65 years of age or over, or owned by husband and wife, or by siblings, one of whom is 65 years of age or over, shall be exempt from any tax imposed by the Incorporated Village of Port Jefferson to the extent of 50% based upon a combined annual income for the income tax year immediately preceding the date of application for the exemption of no more than $29,000 and thereafter at a percentage of the assessed valuation thereof as determined by the following schedule:

Annual Income Percentage Assessed
Valuation exempt From Taxation
More than $29,000 but less than $30,000 45
$30,000 or more but less than $31,000 40
$31,000 or more but less than $32,000 35
$32,000 or more but less than $32,900 30
$32,900 or more but less than $33,800 25
$33,800 or more but less than $34,700 20
$34,700 or more but less than $35,600 15
$35,600 or more but less than $36,500 10
$36,500 or more but less than $37,400 5

“Sibling” shall mean a brother or a sister, whether related through half blood, whole blood or adoption.

B. Any Exemption provided by this article shall be computed after all other partial exemptions allowed by law, excluding the school tax relief (STAR) exemption authorized by §425 of the Real Property Tax Law, have been subtracted from the total assessed value.

C. Where title is vested in either the husband or the wife, their combined income may not exceed the annual income requirements except as otherwise provided for in §467 of the Real Property Tax Law. Such annual income shall include social security income 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 all medical and prescription expenses which are not reimbursed or paid by insurance and veteran’s disability compensation as defined in Title 38 of the United States, a return of capital, gifts, inheritances and other items excluded by §467 of the Real Property Tax Law.

D. An exemption provided by this article on real property owned by husband and wife, one of whom is 65 years of age or over, once granted, shall not be rescinded solely because of the death of the older spouse so long as the surviving spouse is at least 62 years of age.

E. [RELATES TO DISABILITIES EXEMPTION – LANGUAGE IS UNCHANGED BUT PARAGRAPH LETTER IS CHANGED TO E]

DATED: March 1, 2011

BY ORDER OF THE BOARD OF TRUSTEES OF THE
INCORPORATED VILLAGE OF PORT JEFFERSON

___________________________________________
ROBERT JULIANO, Village Clerk/Administrator

PORTJEFF-2009-2011#1- 225-1A-E

2011-03-16T02:51:55+00:00
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