SECTION 1. Section 44-3-13.5 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation" is hereby amended to read as follows:

44-3-13.5. Exemption of elderly and disabled persons in the Town of Glocester. -- (a) The town council of Glocester may by ordinance exempt from taxation the real property situated in the town of Glocester which is owned and occupied by owners over sixty-five (65) years of age or under sixty-five (65) years of age who are permanently disabled in an amount not to exceed twenty-four thousand dollars ($24,000) thirty thousand dollars ($30,000) of valuation and in like manner may also by ordinance exempt from taxation the real property situated in the town which is owned and occupied by owners with a combined adjusted gross taxable annual income not to exceed twelve thousand four hundred fifty-five dollars ($12,455) twenty thousand dollars ($20,000) as set forth in the following schedule:

(1) Owners who are sixty-five (65) but less than seventy (70) year of age -- An exemption not to exceed thirty-four thousand dollars ($34,000) fifty-eight thousand dollars ($58,000) valuation;

(2) Owners who are seventy (70) but less than seventy-five (75) years of age -- An exemption not to exceed forty-three thousand dollars ($43,000) seventy-three thousand dollars ($73,000) of valuation;

(3) Owners who are seventy-five (75) but less than eighty (80) years of age -- An exemption not to exceed fifty-two thousand dollars ($52,000) ninety-three thousand dollars ($93,000) of valuation;

(4) Owners who are eighty (80) years of age or older -- An exemption not to exceed sixty-two thousand dollars ($62,000) ninety-eight thousand dollars ($98,000) of valuation.

(b) The exemption shall be pro-rated among the owners of the real property and shall be in addition to any and all other exemptions from taxation to which the person may be otherwise entitled. The exemption shall be applied uniformly and without regard to ability to pay, provided, that only one exemption shall be granted to co-tenants, joint tenants, and tenants by the entirety, even though all of the co-tenants, joint tenants, and tenants by the entirety are eligible for an exemption. The provisions of this section apply notwithstanding the provisions of section 44-3-15.

SECTION 2. This act shall take effect upon passage.