[Adopted 4-20-1972 as Art. III of Ch. 2 of the Code of
Ordinances of 1972]
Real property within the City owned by one or
more persons, each of whom is 65 years of age or over, shall be exempt
from taxes levied by said City to the extent of 50% of the assessed
valuation thereof.
No exemption shall be granted pursuant to § 253-1:
A.Â
If the income of the owner or the combined income
of the owners of the property for the income tax year immediately
preceding the date of making application of exemption exceeds the
sum of $37,400.
[Amended 9-12-1974 by Ord. No. 1191; 3-1-1979 by Ord. No.
1318; 1-20-1983 by Ord. No. 1413; 8-17-1989 by Ord. No. 1529; 2-4-1993 by Ord. No. 1579; 10-19-1995 by Ord. No. 1624; 3-20-1997 by Ord. No.
1651; 4-1-1999 by Ord. No. 1685; 5-17-2001 by Ord. No. 1705; 1-6-2003 by Ord. No. 1727; 2-17-2005 by Ord. No. 1763; 12-21-2006 by Ord. No.
1797; 1-29-2009 by Ord. No. 1842; 2-18-2010 by Ord. No. 1856]
(1)Â
All exemptions will be based upon the following sliding
scale:
|
Annual Income
|
Percentage of Exemption
| |
|---|---|---|
|
More than $36,500 but less than $37,400
|
5%
| |
|
More than $35,600 but less than $36,500
|
10%
| |
|
More than $34,700 but less than $35,600
|
15%
| |
|
More than $33,800 but less than $34,700
|
20%
| |
|
More than $32,900 but less than $33,800
|
25%
| |
|
More than $32,000 but less than $32,900
|
30%
| |
|
More than $31,000 but less than $32,000
|
35%
| |
|
More than $30,000 but less than $31,000
|
40%
| |
|
More than $29,000 but less than $30,000
|
45%
| |
|
$29,000 or less
|
50%
|
(2)Â
"Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal income tax
return or, if no such return is filed, the calendar year. Where title
is vested in either the husband or the wife, their combined income
may not exceed such sum. Such income shall include social security
and retirement benefits, interest, dividends, total gain from the
sale or exchange of a capital asset which may be offset by a loss
from the sale or exchange of a capital asset in the same income tax
year, net rental income, salary or earnings, and net income from self-employment,
but shall not include a return of capital, gifts or inheritance. In
computing net rental income and net income from self-employment, no
depreciation deduction shall be allowed for the exhaustion, wear and
tear of real or personal property held for the production of income.
B.Â
Unless the title of the property shall have been vested
in the owner or all of the owners of the property for at least 60
consecutive months prior to the date of making application for exemption.
C.Â
Unless the property is used exclusively for residential
purposes.
D.Â
Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all of the
owners of the property.
Application for such exemption must be made
by the owner or all of the owners of the property, on forms to be
furnished by the City Assessor's office, and shall furnish the information
and be executed in the manner required or prescribed in such forms
and shall be filed in the Assessor's office at least 90 days before
the day for filing the final assessment roll.
[Amended 9-5-1996 by Ord. No. 1638]
Any conviction of having made any willful false statement in the application for such exemption shall be subject to a penalty as set forth in Chapter 1, General Provisions, Article III, General Penalty, and shall disqualify the applicant or applicants from further exemption for a period of five years.
