The town council of the town of Foster may, by ordinance, issue a tax credit for real property situated in the town of Foster that is owned and occupied by resident owners as follows:

(1)  Any owner of an owner-occupied, single-family dwelling who has attained the age of sixty-seven (67) years, or more, or who is totally disabled and who is a resident of the town of Foster, as provided in said ordinance, shall be entitled to a tax credit equal to the lesser of:

(i)  Five hundred dollars ($500); or

(ii)  Any increase in the “dollar amount” required to be paid by such owner on the said property above the “dollar amount” required to be paid in taxes during the tax assessment next following such owner’s sixty-seventh birthday, or following the filing of a certificate evidencing disability, as provided in said ordinance.

(2)  Any owner of an owner-occupied, single-family dwelling who has attained the age of seventy-seven (77) years, or more, and who is a resident of the town of Foster, as provided in said ordinance, shall be entitled to a tax credit equal to the lesser of:

(i)  One thousand dollars ($1,000); or

(ii)  Any increase in the “dollar amount” required to be paid by such owner on the said property above the “dollar amount” required to be paid in taxes during the tax assessment next following such owner’s seventy-seventh birthday, as provided in said ordinance.