[Adopted 10-2-1968 by Ord. No. 313]
A. 
Any citizen and resident of this City owning a dwelling house and land upon which such dwelling house is situate, which constitutes the place of his domicile and which is being used by him as his actual residence and which contains not more than one dwelling unit besides the dwelling unit of the owner thereof, shall be exempt from taxation on the real property constituting such dwelling house and the land upon which it is situated and reasonably necessary to the enjoyment of such use of said dwelling house in an amount of $5,000 or 50% of its true valuation, whichever is the lesser. Said requirement of ownership shall be satisfied by the holding of the beneficial interest where the legal title thereto is held by another for the benefit of said citizen and resident.
B. 
In the case where such resident is not the sole owner of such dwelling house and land, the exemption granted shall be in the same ratio to the total exemption permitted by this article as the value of the interest owned by such citizen and resident bears to the total value of such house and land, but in no case shall such exemption be greater than $5,000 or 50% of the true value of such owner's interest, whichever is the lesser. Tenants by the entirety shall be entitled jointly to a single exemption, as provided herein, in the same manner and to the same extent as though their real property was owned by one of them.
Vendees in possession of real estate under bona fide contracts to purchase, when such contracts, under which they claim title, are recorded in the office of the Hudson County Register, and widows residing on real estate by virtue of dower or other estates therein limited in time by title, will, jointure or settlement shall be deemed to have legal or beneficial title to said real estate.
No exemption from taxation on the valuation of real property, as provided herein, shall be allowed except upon written application therefor by or on behalf of such resident, which application shall be on a form prescribed by the Board of Assessors of the City of Hoboken, and such form shall be duly sworn to under oath by such applicant. The Board of Assessors of the City of Hoboken may, at any time, inquire into the right of a claimant to the continuance of an exemption hereunder, and for that purpose he may require the filing of a new application or the submission of such proof as he shall deem necessary to determine the right of the claimant to continuance of such exemption.