Real property located within the Town of Woodbury
owned by one or more persons, each of whom is 65 years of age or over,
or real property owned by husband and wife, one of whom is 65 years
of age or over, shall be exempt from taxation by the town to the extent
of 50% of the assessed valuation thereof if the income of the owner
or the combined income of the owners of the property for the income
tax year immediately preceding the date of making the application
for exemption does not exceed the sum of $6,500, provided that all
other provisions of § 467 of the Real Property Tax Law are
complied with in all respects.