Section 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.