(a) the zoning ordinance of such town in which such property is located permits the construction or reconstruction of residential property for the purpose of providing living quarters for senior citizens or disabled individuals;

(b) the property is located within the geographical area in which such construction or reconstruction is permitted; and

(c) the residential property is so constructed or reconstructed such that it is the principal place of residence for the owner. 3. Such exemption shall be applicable only to construction or reconstruction which occurred subsequent to the effective date of this section and shall only apply during taxable years in which such living quarters are the legal residence of the senior citizen or disabled person. 4. Such exemption from taxation shall be granted upon an application which shall include a statement that a qualified senior citizen or disabled individual resides at the residence and shall be made annually upon a form to be promulgated by the office of real property services and filed by the owner of such property to the assessor of such town which has the power to assess property for taxation on or before the appropriate taxable status date of such town. If the assessor is satisfied that the property is qualified for an exemption pursuant to this section, then such residential improvements shall be exempt from taxation and special ad valorem levies as herein provided. 5. Any conviction of having made any willful false statements in the application for such exemption shall result in the revocation thereof, be punishable by a civil penalty of not more than two hundred dollars and shall disqualify the applicant or applicants from further exemptions for a period of two years.