[Adopted 12-15-1982 by L.L. No. 2-1982 (Ch. 156, Art. I, of the 1992 Code)]
Pursuant to the provisions of § 467 of the Real Property Tax Law and as therein provided, the real property owned by one or more persons, each of whom is 65 years of age or over, or real property owned by a husband or wife, one of whom is 65 years of age or over, shall be exempt from taxation to the extent of 50% of the assessed valuation thereof, as hereinafter provided.
All of the provisions, conditions and requirements of § 467 of the Real Property Tax Law and amendments thereto shall apply to application for the granting of such an exemption on the assessment rolls of the Village, except that no exemption shall be granted 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 application for exemption exceeds the maximum as set by § 467 of the Real Property Tax Law.