A. Exemption shall be granted to persons subject to the following provisions:

1. The title of the property for which exemption is claimed is held or partially held, on January 1 of the taxable year, by the person or persons claiming exemption and is occupied as the sole dwelling of the person or persons claiming exemption.

2. The person occupying the dwelling and owning title or partial title thereto is sixty-five (65) years or older on December 31 of the year immediately preceding the taxable year or less than sixty-five (65) years of age and has been certified as permanently and totally disabled.

3. The total gross combined income received from all sources during the preceding calendar year by the owners of the dwelling who use it as their principal residence and the owners' relatives who live in the dwelling shall not exceed the Federal living wage for one (1) individual (the Federal living wage is calculated as 130% of the U.S. Department of Health & Human Services Poverty Guideline).  Any amount up to six thousand five hundred dollars ($6,500.00) of income of each relative who is not the spouse of an owner living in the dwelling is excluded from the total combined income calculation.  There shall also be an exclusion of up to seven thousand five hundred dollars ($7,500.00) of income for an owner who is permanently disabled.

4. The net combined financial worth of the owner(s) as of December 31 of the year immediately preceding the taxable year shall be determined by the Town Treasurer to be an amount not to exceed one hundred thousand ($100,000.00).   The net financial worth shall include the fair market value of all assets, including equitable interests of the owner(s) and the spouse of the owner(s), and shall exclude the fair market value of the dwelling and the land upon which it is situated, up to a maximum of one (1) acre, for which the exemption is claimed.

B. Deferral shall be granted to persons subject to the following provisions:

1. The title of the property for which deferral is claimed is held or partially held, on January 1 of the taxable year, by the person or persons claiming deferral and is occupied as the sole dwelling of the person or persons claiming deferral.

2. The person occupying the dwelling and owning title or partial title thereto is sixty-five (65) years of age or older on December 31 of the year immediately preceding the taxable year or less than sixty-five (65) years of age and has been certified as permanently and totally disabled.

3. The total gross combined income received from all sources during the preceding calendar year by the owners of the dwelling who use it as their principal residence and the owner's relatives who live in the dwelling shall not be less than the Federal living wage for one (1) individual nor exceed thirty thousand ($30,000.00). Any amount up to six thousand five hundred dollars ($6,500.00) of income of each relative who is not the spouse of an owner living in the dwelling is excluded from the total combined income calculation. There shall also be an exclusion of up to seven thousand five hundred dollars ($7,500.00) of income for an owner who is permanently disabled.

4. The net combined financial worth of the owner(s) as of December 31 of the year immediately preceding the taxable year shall be determined by the Town Treasurer to be an amount not to exceed one hundred thousand dollars ($100,00.00). The net financial worth shall include the fair market value of all assets, including equitable interests of the owner(s) and the spouse of the owner(s), and shall exclude the fair market value of the dwelling and the land upon which it is situated, up to a maximum of one (1) acre, for which the deferral is claimed.