(a) As a matter of public function and for the purposes contained only in this section, the county trustee in any county having a population greater than eight hundred ninety thousand (890,000), according to the 2000 federal census or any subsequent federal census, is authorized to own property, enter into leases, and declare any property owned by it exempt from local property taxes.

(b)

(1) In any county having a population greater than eight hundred ninety thousand (890,000), according to the 2000 federal census or any subsequent federal census, any citizen who is a property owner and taxpayer, referred to as “applicant”, designated in this section may apply to the county trustee of such county for senior citizen assessment status:

(A) If the applicant has reached the age of seventy (70) years and has been a property owner and taxpayer for at least twenty (20) of the immediate past thirty (30) years during which the applicant's major domicile was located within the state; or

(B) If the applicant has reached the age of seventy (70) years and has a combined household annual income of less than twenty-five thousand dollars ($25,000).

(2) Upon receipt of the appropriate application and verification of the facts contained therein, the applicant shall be granted senior citizen assessment status by the county trustee of such county. Such status shall entitle the applicant to the right to transfer title and ownership of the applicant's major domicile to the county trustee of such county for a consideration of one dollar ($1.00). A lease for the domicile at an annual rental of one dollar ($1.00) shall be granted to the applicant along with an option to repurchase the domicile for consideration of one dollar ($1.00). The lease and option period shall extend no longer than twenty (20) years and the option may be exercised at any time during this period. If the applicant does not exercise the option to repurchase and the property is held during the entire term of the lease, the property shall revert to the applicant or the applicant's heirs at the end of the lease term. During the lease and option period, the applicant shall pay to the respective county and, if applicable, the municipality an annual sum in lieu of property taxes in an amount equal to the last full tax year's property taxes due immediately prior to the transfer of ownership to the county trustee of such county.

(c) The county trustee of any county having a population greater than eight hundred ninety thousand (890,000), according to the 2000 federal census or any subsequent federal census, may charge an applicant a one-time fee to offset the administrative costs of this section, and such fee shall be proportionate to the value of the applicant's property as determined by the assessor of property, except that the fee shall not exceed two hundred fifty dollars ($250). No fees may be charged any applicant whose annual household income is less than twenty-five thousand dollars ($25,000).