[Adopted 1-21-2003 by L.L. No. 1-2003 (Art. 81 of the 1989 Code)]
Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, or real property owned by one or more persons, some of whom qualify under § 467 of the Real Property Tax Law and the others of whom qualify under § 459-c of the Real Property Tax Law, shall be exempt from taxation to the extent of 50% of the assessed valuation thereof except as limited herein by § 368-9. For the purposes of this section, sibling shall mean a brother or a sister, whether related through half blood, whole blood or adoption.
If the title of the property is vested in the sole name of the husband or the wife, the combined income of both the husband and wife shall not exceed the sum of $12,000 prior to January 1, 2004; $12,500 prior to January 1, 2005; $13,000 prior to January 1, 2006; $13,500 prior to January 1, 2007; and $14,000 thereafter.
For the purpose of this article, the word "income" shall include all social security and retirement payments, interest, dividends, rental income, salaries and other earnings, including income from self-employment. It does not, however, include gifts or inheritances received during the twelve-month period.
All applications filed under the provisions of this article must be filed annually with the Assessor on or before the taxable status date. The application must be filed annually in the Assessor’s office on or before the date as prescribed in § 476(5) of the Real Property Tax Law.