(A) 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 and wife one of whom is 65 years of age or over, shall be exempt from taxation pursuant to RPTL Section 467 in accordance with the following schedule:

$24,000 or more, but less than $25,000...............................................45%

$25,000 or more, but less than $26,000...............................................40%

$26,000 or more, but less than $27,000...............................................35%

$27,000 or more, but less than $27,900...............................................30%

$27,900 or more, but less than $28,800...............................................25%

$28,800 or more, but less than $29,700...............................................20%

$29,700 or more, but less than $30,600...............................................15%

$30,600 or more, but less than $31,500...............................................10%

$31,500 or more, but less than $32,400.................................................5%

(B) The exemption provided in paragraph (A) above, once granted, shall not be rescinded, reduced or otherwise affected for real property:

(1) owned by a husband and wife solely because of the death of the older spouse so long as the surviving spouse is at least sixty-two (62) years of age; or

(2) which is the residence of a child who is attending a public school of elementary or secondary education.