This exemption applies to the county, town, and school portion of your property taxes with some exceptions:
Residential real property constructed or reconstructed for the purpose of providing living quarters for a parent or grandparent, who is 62-years-old or older, shall be exempt from taxation to the extent of any increase in assessed value of said residential property resulting from the aforesaid construction or reconstruction.
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 during which at least one such parent or grandparent maintains a primary place of residence.
The residential property so constructed or reconstructed is the principal place of residence of the owner.