The dwelling owned by and occupied as the sole dwelling of any person not less than 65 years of age shall be exempt from taxation, provided the head of the household occupying the dwelling and owning the title or partial title thereto is a resident of the county and is exempted, subject to the following restrictions and conditions:
(A) The total combined income during the immediately preceding calendar year from all sources of the owner of the dwelling living therein and of the owner’s relatives living in the dwelling does not exceed $5,000, provided that the first $1,500 of income of each relative, other than the spouse of the owner who is living in the dwelling, shall not be included in the total;
(B) The net combined financial worth, including equitable interests, as of December 31 of the immediately preceding calendar year, of the owner and of the spouse of any owner shall not exceed $20,000; and
(C) The fair market value of the dwelling and the land not exceeding 1 acre upon which the dwelling is situated, not to exceed $20,000, is excluded from the combined financial worth determined in division (B) of this section.
(1997 Code, § 62-59)