The exemption equals 10% of the assessed value
of the property to a maximum of $3,000 multiplied by the latest state
equalization rate for the assessing unit in which the property is
located. However, for Village exemption authorized by § 466
of the Real Property Tax Law, the minimum exemption is $500.
Any conviction of having made a willful misstatement
or filing of false information regarding this application for such
exemption shall be punishable by a fine of not more than $100 and
shall disqualify the applicant or applicants from further exemption
for a period of five years.