§ 467-d. Assessment exemption for certain living quarters constructed
to be occupied by a senior citizen or disabled individual. 1. A town
which is bordered by the Hudson river on the west and a different county
other than the one in which it is located on the north and is located in
a county which has a county tax commission with members who serve five
year overlapping terms and have powers and duties with respect to real
property taxation, acting through its local legislative body is hereby
authorized and empowered to adopt and amend local laws to provide for an
exemption from taxation and special ad valorem levies to the extent of
any increase in assessed value of residential property resulting from
the construction or reconstruction of such property for the purpose of
providing living quarters for a senior citizen, who is sixty-five years
of age or older, or individuals considered disabled and receiving social
security disability benefits. Such an exemption shall not exceed (a) the
increase in assessed value resulting from construction or reconstruction
of such property, or (b) twenty percent of the total assessed value of
such property as improved, or (c) twenty percent of the median sale
price of residential property as reported in the most recent statistical
sales summary published by the office of real property services for the
county in which the property is located, whichever is less.

2. No such exemption shall be granted unless:

(a) the zoning ordinance of such town in which such property is
located permits the construction or reconstruction of residential
property for the purpose of providing living quarters for senior
citizens or disabled individuals;

(b) the property is located within the geographical area in which such
construction or reconstruction is permitted; and

(c) the residential property is so constructed or reconstructed such
that it is the principal place of residence for the owner.

3. Such exemption shall be applicable only to construction or
reconstruction which occurred subsequent to the effective date of this
section and shall only apply during taxable years in which such living
quarters are the legal residence of the senior citizen or disabled
person.

4. Such exemption from taxation shall be granted upon an application
which shall include a statement that a qualified senior citizen or
disabled individual resides at the residence and shall be made annually
upon a form to be promulgated by the office of real property services
and filed by the owner of such property to the assessor of such town
which has the power to assess property for taxation on or before the
appropriate taxable status date of such town. If the assessor is
satisfied that the property is qualified for an exemption pursuant to
this section, then such residential improvements shall be exempt from
taxation and special ad valorem levies as herein provided.

5. Any conviction of having made any willful false statements in the
application for such exemption shall result in the revocation thereof,
be punishable by a civil penalty of not more than two hundred dollars
and shall disqualify the applicant or applicants from further exemptions
for a period of two years.