Real property owned by one or more persons, one of whom is 65
years of age or over, shall be exempt for taxes by the Village of
Angola to the extent of 50% of the assessed valuation thereof.
No exemption shall be granted if the income of the owner or
of the combined income of the owners of the property exceeds the sum
of $24,000 for the 12 consecutive months immediately preceding the
date of making application for exemption. Where title is vested in
either the husband or the wife, their combined income may not exceed
such sum. Such income shall include social security and retirement
benefits, interest, dividends, rental income, salary or earnings and
income from self-employment, but shall not include gifts or inheritance,
or veterans disability compensation.
No exemption shall be granted unless the title of the property
shall have been vested in the owner or all of the owners of the property
at least 24 consecutive months prior to the date of making application
for exemption.
No exemption shall be granted unless the real property is the
legal residence of and is occupied in whole or in part by the owner
or by all of the owners of the property.