[Adopted 4-29-1974; amended in its entirety 7-14-1992]
A. 
Real property owned by one or more persons, each of whom is over the age of 65 years, or real property owned by a husband and wife, one of whom is 65 years or over, shall be exempt from taxation in accordance with and pursuant to § 467 of the Real Property Tax Law to the extent provided in the following schedule:
[Amended 4-10-2006 by L.L. No. 2-2006]
Annual Income
Percentage Assessed Valuation Exempt From Taxation
Less than $12,800
50%
$12,800 to $13,799.99
45%
$13,800 to $14,799.99
40%
$14,800 to $15,799.99
35%
$15,800 to $16,699.99
30%
$16,700 to $17,599.99
25%
$17,600 to $18,499.99
20%
B. 
To the extent authorized by § 467 of the Real Property Tax Law, a person may become eligible for the foregoing exemption if he or she becomes 65 years of age after the appropriate taxable status date and on or before December 31 of the same year.
C. 
Pursuant to and in accordance with Real Property Tax Law § 467, if a person has been entitled to and granted an exemption pursuant to this article on five consecutive completed assessment rolls of the Village, including any years when the exemption was granted to a property owned by a spouse while both resided in such property, then such person may make one application to continue the exemption on the Village assessment rolls without reapplying each year, provided that such person files all affidavits and proofs required by law. The Treasurer shall mail all eligible taxpayers under this subsection an application form and notice as required by § 467 of the Real Property Tax Law.