Real property owned by one or more persons,
one of whom is 65 years of age or over, shall be exempt from the payment
of town taxes to the extent of 50% of the assessed valuation thereof,
subject to the provisions of § 467 of the Real Property
Tax Law and as the same may be amended from time to time.
A partial tax exemption to this chapter is established,
the effect of which is to give the owner or owners an exemption. The
combined income of the owners must not exceed the limit set from time
to time by resolution of the Town Board, subject to the provisions
of § 467 of the Real Property Tax Law.