What Counts as a Home for the Property Tax Exemption

For the purpose of Sec. 5A-11.4, the word "home" includes:The entire homestead when it is occupied by the taxpayer as such.A residential building on land held by the lessee or his or her successor in interest under a lease for a term of 15 years or more for residential purposes and owned and used as a residence by the lessee or his or her successor in interest, where the lease and any extension, renewal, assignment or agreement to assign the lease, have been duly entered into and recorded prior to October 1st preceding the tax year for which the exemption is claimed and whereby the lessee agrees to pay all taxes during the term of the lease.An apartment which is a living unit (held under a proprietary lease by the tenant thereof) in a multiunit residential building on land held by a cooperative apartment corporation (of which the proprietary lessee of such living unit is a stockholder) under a lease for a term of 15 years or more for residential purposes and which apartment is used as a residence by the lessee-stockholder, where the lease and any extension or renewal have been duly entered into and recorded prior to October 1st preceding the tax year for which the exemption is claimed, and whereby the lessee-stockholder agrees to pay all taxes during the term of the lease provided that:The exemption shall not be allowed in respect to any cooperative apartment unit where the owner of the cooperative apartment unit claims exemption on a home or other cooperative apartment unit; andThe owner or owners of a cooperative apartment building or premises shall not be permitted exemptions where a husband and wife owner of a cooperative apartment unit own separate cooperative apartment units or separate homes owned by each of them, unless they are living separate and apart, in which case the owner of the cooperative apartment or premises shall be entitled to 1/2 of one exemption.An apartment in a multi-unit apartment building which is occupied by the owner of the entire apartment building as his or her residence, provided that:The exemption shall not be allowed in respect to any apartment owner who claims any other home exemption; andA husband or wife owner of the aforementioned type of apartment shall not be allowed a full exemption where the husband and wife are living separate and apart and each is maintaining an apartment or home entitled to an exemption, in which case they shall be entitled to one exemption to be apportioned between each of their respective homes in proportion to the value thereof.That portion of a residential duplex and that portion of land appurtenant to the duplex which are occupied by the owner of the duplex and land as his or her residence, provided that:The exemption shall not be allowed in respect to any duplex owner who claims any other home exemption;The portion of the appurtenant land shall not be exempt unless owned in fee by the duplex owner; andA husband or wife owner of the duplex shall not be allowed a full exemption where the husband and wife are living separate and apart and each is maintaining a duplex or home entitled to an exemption, in which case they shall be entitled to one exemption to be apportioned between each of their respective homes in proportion to the value thereof.Premises held under an agreement to purchase the same for a home, where the agreement has been duly entered into and recorded prior to October 1st preceding the tax year for which the exemption is claimed, whereby the purchaser agrees to pay all taxes while purchasing the premises.An apartment which is a living unit (held under a lease by the tenant thereof) in a multi-unit residential building used for retirement purposes under a lease for a term to last during the lifetime of the lessee and his or her surviving spouse and which apartment is used as a residence by the lessee and his or her surviving spouse, and where the apartment unit reverts back to the lessor upon the death of the lessee and his or her surviving spouse, and where the lease has been duly entered into and recorded prior to October 1st preceding the tax year for which the exemption is claimed, and whereby the lessee agrees to pay all taxes during the term of the lease.The subletting by the taxpayer of not more than one room to a tenant shall not affect the exemption provided for by Sec. 5A-11.4.As used in Sec. 5A-11.4, in the first paragraph of Sec. 5A-7.1, and in Sec. 5A-11.1, the word "lease" shall be deemed to include a sublease, and the word "lessee" shall be deemed to include a sublessee.