(a) Any person who is:

(1) The owner of a dwelling that constitutes part of a homestead or a principal residence as those terms are used in subsection (d) of Section 40-9-19, and in Section 40-9-21, respectively, and

(2) A person authorized, by virtue of any qualification of age, income, blindness, or disability described in subsection (d) of Section 40-9-19 or Section 40-9-21, to claim the homestead or similar exemption described therein (or in any successor statute to either thereof),

(b) May elect to have such dwelling exempt from any financial charge levied hereunder with respect thereto by filing with the tax assessor a written application, in such form as the tax assessor may prescribe, at the same time that such owner files any application for exemption pursuant to either of the aforesaid sections of the code (or successor statute thereto); and such exemption hereunder shall be granted in the same manner and under the same regulations or procedures as such homestead or similar exemption is granted; provided, however,

(1) That no such written application need be filed by such owner in order to obtain such exemption with respect to the fiscal or ad valorem tax year of the county beginning October 1, 1988 (for which such financial charge shall become due and payable on October 1, 1989); and

(2) That in no event shall any exemption be granted hereunder to any owner if the aggregate fair market value of the homestead or principal residence of which such dwelling forms a part, according to the records of the tax assessor pertaining to state and county ad valorem taxation for the fiscal or ad valorem tax year of the county with respect to which such financial charge is levied hereunder, is greater than fifty thousand dollars ($50,000), notwithstanding that such dwelling (or such homestead or principal residence) may otherwise be exempt (in whole or in part) from ad valorem taxation.