[Adopted 12-22-2008 by L.L. No. 6-2008]
A. 
Residential real property which qualifies under the provisions of Real Property Tax Law § 458-b shall be exempt from taxation to the extent of 15% of the assessed value of such property; provided, however, that such exemption shall not exceed $12,000 or the product of $12,000 multiplied by the latest state equalization rate of the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.
B. 
The exemption provided under this article shall be effective for as long as a qualified owner of qualified residential real property remains a qualified owner thereof, without regard to the ten-year limitation period previously in effect.
[Added 3-26-2018 by L.L. No. 1-2018]
[Added 2-23-2015 by L.L. No. 2-2015]
In the event the owner or all of the owners of property which has received an exemption pursuant to this section on the preceding assessment roll fail to file the application required pursuant to this article on or before the taxable status date, such owner or owners may file the application, executed as if such application had been filed on or before the taxable status date, with the assessor on or before the date for the hearing of complaints.