§ 97-22. Conditions.

No exemptions shall be granted:

A. 

Income of owner(s). If the income of the owner or the combined income of the owners of the property exceeds the sum of $34,500 for the income tax year immediately preceding the date of making application for exemption. Where title is vested in the husband or 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 net income from self-employment but shall not include a return of capital, gifts or inheritances.

[Amended 3-14-2011 by L.L. No. 1-2011]

B. 

Unless the title of the property shall have been vested in the owner or in one of the owners of the property for at least 24 consecutive months prior to the date of making application for an exemption, subject to the provisions of § 467, Subdivision 3(b), of the Real Property Tax Law.

C. 

Unless the property is used exclusively for residential purposes.

D. 

Unless the real property is the legal residence of and is occupied, in whole or in part, by the owner or by all of the owners of the property.

Amended 3-4-1985 by L.L. No. 1-1985; 12-8-1986 by L.L. No. 4-1986; 12-14-1992 by L.L. No. 7-1992; 12-12-1994 by L.L. No. 5-1994; 11-18-1996 by L.L. No. 5-1996