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eligible for a tax exemption under this division shall not lose such eligibility and may transfer thc same if he changes residences within the city. (b) Any taxpayer seeking a transfer of an exemption shall make application therefor on forms provided by the director. Such forms shall include an affidavit reciting the facts that dcmonstrate eligibility for such exemption. If the director finds that the applicant is eligible for such exemption, he shall so certify to the city treasurer. The city trcasurer shall thereupon deduct the exempted amount from the applicant's real estate tax liability. The exemption transfer, if granted, shall take effect from the date of the filing of the transfer application. DIVISION 4. ELDERLY AND DISABLED PERSONS: PARTIAL EXEMPTION FROM REAL ESTATE TAXES. Sec. 35-173. General prereq uisites to grant. An exemption shall be granted to persons eligible, subject to the following conditions: (I) The person making application must own or partially own title to the property for which exemption is claimed. (2) The person making application must be permanently and totally disabled or must be 65 years old or older as of June 30th of the immediately preceding taxable year. In the case of joint ownership between spouses occupying such property, eligibility of either spouse shall establish eligibility of both. (3) The person making application shall not have disposed of assets to future heirs within the preceding five years if such assets would have made the applicant ineligible under the requirements of this section. (4) The total combined income from all sources for the immcdiately preceding calcndar ycar of the owner or owners claiming tax excmption and of the owner's/owners' relatives or other household member living in the subject dwelling shall not ~xceed $50,000. The net combined linancial worth, including ~quitable intcrests, as of Decemb~r 31 st of the immediately preccding cakndar year, of the owner or owners and of the spouse of any owner, excluding the value of the dwelling and the land, not excecding one acre, upon which it is situated, and excluding furniture, household appliances and other items typically used in a homc, shall not exceed $175,000.