1. (1) $ 0.00 — $ 10,500 for a single owner occupying a single-family dwelling.
2. (2) $ 0.00 — $ 15,000 for two (2) or more owners occupying a single-family dwelling.

The town council of the town of Cumberland may, by ordinance, exempt from taxation the real property situated in the town owned and occupied by any person sixty-five (65) years and over, and which exemption is in an amount not exceeding forty-seven thousand five hundred forty-four dollars ($47,544). Any elderly person is entitled to an additional exemption of ten thousand five hundred sixty-seven dollars ($10,567) if yearly total income from all sources is as follows:

History of Section.
P.L. 1985, ch. 24, § 2; P.L. 1995, ch. 284, § 1; P.L. 1995, ch. 362, § 1; P.L. 2005, ch. 423, § 1.