Real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, or real property owned by one or more persons, some of whom qualify under § 467 of the Real Property Tax Law and the others of whom qualify under § 459-c of the Real Property Tax Law, shall be exempt from taxation to the extent of 50% of the assessed valuation thereof except as limited herein by §
368-9. For the purposes of this section, sibling shall mean a brother or a sister, whether related through half blood, whole blood or adoption.
For the purpose of this article, the word "income" shall include
all social security and retirement payments, interest, dividends,
rental income, salaries and other earnings, including income from
self-employment. It does not, however, include gifts or inheritances
received during the twelve-month period.
All applications filed under the provisions of this article
must be filed annually with the Assessor on or before the taxable
status date. The application must be filed annually in the Assessor’s
office on or before the date as prescribed in § 476(5) of the
Real Property Tax Law.