Every person who is a citizen and resident of the State of New
Jersey for a period of three years immediately preceding October 1
of the pretax year, of the age of 65 or more years, having an income
not in excess of $5,000 per annum and residing in a dwelling house
owned by him which is a constituent part of his real property, shall
be entitled, on proper claim being made and allowed therefor, to exemption
from taxation on such real property to an assessed valuation not exceeding
$800 in the aggregate, but no such exemption shall be in addition
to any other exemption to which said person may be entitled.
The financial position of the Township of Riverside for the
year 1961 will not be impaired by the exemption so claimed.
The exemptions claimed and to be allowed for the year 1961 shall
operate to reduce the taxable valuations of real property for the
year 1961 in the Township of Riverside.
All applications for exemption under this article for the tax
year 1961 may be filed on or before July 1, 1961, and all applications
for exemptions in subsequent tax years may be filed on or before November
1 of the pretax year. Such applications shall be on forms prescribed
by the Director, Division of Taxation, in the Department of the Treasury
of the State of New Jersey.