T A B L E O F C O N T E N T S P RT I A ... - Broome County

§ 185-32 TAXATION
§ 185-32
their combined income may not exceed the sum of $26,000. 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. In computing net rental income and net income from self-employment, no
depreciation deduction shall be allowed for the exhaustion, wear and tear of real or
personal property held for the production of income.
J. No exemption shall be granted for real property taxes levied by the County of Broome
for the year commencing January 1, 2002, and ending December 31, 2002, and for years
subsequent thereto, if the income of the owner or the combined income of the owners of
the property for the income tax year immediately preceding the date of making
application for exemption exceeds the sum of $27,000. "Income tax year" shall mean the
twelve-month period for which the owner or owners file a federal income tax return or, if
no return is filed, the calendar year. Where title is vested in either the husband or wife,
their combined income may not exceed the sum of $27,000. 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. In computing net rental income and net income from self-employment, no
depreciation deduction shall be allowed for the exhaustion, wear and tear of real or
personal property held for the production of income. [Added 6-22-2000 by L.L. No.
11-2000]
K. No exemption shall be granted for real property taxes levied by the County of Broome
for the year commencing January 1, 2006, and ending December 31, 2006, and for years
subsequent thereto, if the income of the owner or the combined income of the owners of
the property for the income tax year immediately preceding the date of making
application for exemption exceeds the sum of $31,500. "Income tax year" shall mean the
twelve-month period for which the owner or owners file a federal income tax return or, if
no return is filed, the calendar year. Where title is vested in either the husband or wife,
their combined income may not exceed the sum of $31,500. 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. In computing net rental income and net income from self-employment, no
depreciation deduction shall be allowed for the exhaustion, wear and tear of real or
personal property held for the production of income. [Added 4-29-2004 by L.L. No.
4-2004 1 ]
L. No exemption shall be granted for real property taxes levied by the County of Broome
unless the title of the property shall have been vested in the owner or one of the owners
of the property for at least 24 consecutive months prior to the date of making application
1. Editor's Note: This local law also redesignated former Subsections K through N as L through O, respectively.
185:21
11 - 15 - 2004