To qualify for this senior citizens’ assessment deferral program:
A. The property to be assessed must be owned by a senior citizen or, if owned by a husband and wife, then only 1 of them needs to be a senior citizen;
B. The property to be assessed must be the residence of the senior citizen; and
C. The senior citizen shall have an income not to exceed $3,600, and if he or she is married then their joint income shall not exceed $4,100, and further not to exceed an increase of more than $400 for each additional dependent who is living with them during the calendar year preceding the one in which the assessment is to be levied.