[Adopted 3-1-1973 as Art. XIII of Sub-Part C of Part I of the 1973 Code; last amended in its entirety by L.L. No. 1-1990]
[Amended 2-4-1999 by L.L. No. 2-1999; 2-1-2001 by L.L. No. 2-2001; 3-6-2003 by L.L. No. 3-2003; 3-4-2004 by L.L. No. 2-2004; 3-22-2007 by L.L. No. 1-2007; 2-22-2024 by L.L. No. 1-2024]
Real property shall be exempt from taxation to the extent provided in the schedule herein, if:
A. 
Owned by one or more persons, each of whom is 65 years of age or older or will become 65 years of age on or before December 31 of the same year of the appropriate taxable status date; or
B. 
Owned by a married couple, one of whom is 65 years of age or older or will become 65 years of age before December 31 of the same year of the appropriate taxable status date.
Annual Income
Percentage of Assessed Valuation Exempt From Taxation
$40,000 or less
50%
[Amended by L.L. No. 3-1997; 1-7-1999 by L.L. No. 7-1998; 2-4-1999 by L.L. No. 2-1999; 2-1-2001 by L.L. No. 2-2001; 3-6-2003 by L.L. No. 3-2003; 2-22-2024 by L.L. No. 1-2024]
No exemption shall be granted:
A. 
If the income of the owner or the combined income of the owners of the property exceeds the sum of $40,000 for the income tax year applicable to the exemption. Because the City's taxable status date is March 1, the applicable income tax year shall be the second most recent calendar year, and shall include 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 a married person, the combined income of such person and such person's spouse may not exceed such sum. However, where one spouse or ex-spouse is absent from the property due to divorce, legal separation, or abandonment, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, net rental income, salary or earnings, and net income from self-employment, but shall not include gifts or inheritances, nor distributions received from an individual retirement account or individual retirement annuity that were included in the applicant's federal adjusted gross income.
B. 
Unless the title of the property shall have been vested in the owner or one of the owners of the property for at least 24 consecutive months prior to the date of making application for exemption; provided, however, that in the event of the death of either a husband or wife in whose name title of the property shall have been vested at the time of death and then becomes vested solely in the survivor by virtue of devise or by descent from the deceased husband or wife, the time of ownership of the property by the deceased husband or wife shall be deemed also a time of ownership by the survivor and such ownership shall be deemed continuous for the purposes of computing such period of 24 consecutive months; and provided further that, in the event of a transfer by either a husband or wife to the other spouse of all or part of the title to the property, the time of ownership by the transferee spouse and such ownership shall be deemed continuous for the purposes of computing such period of 24 consecutive months; and provided further that, in the event of a transfer by either a husband or wife to the other spouse of all or part of the title the time of ownership by the transferor spouse shall be deemed also a time of ownership by the transferee spouse and such ownership shall be deemed contiguous for the purposes of computing such period of 24 consecutive months; and provided further that where property of the owner or owners has been acquired to replace property formerly owned by such owner or owners and taken by eminent domain or other involuntary proceedings, except a tax sale, and further provided that, where a residence is sold and replaced with another within one year and in the same assessment unit, the period of ownership of the former property shall be combined with the period of ownership of the property for which application is made for exemption, and such period of ownership shall be deemed to be consecutive for purposes of this section;
C. 
Unless the property is used exclusively for residential purposes; and
D. 
Unless the real property is the legal residence of and is occupied in whole or in part by the owner or by all 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 include the information and be executed in the manner required or prescribed in such forms and shall be filed in such assessor's office at least 90 days before the day for filing the final assessment roll.
At least 60 days prior to the appropriate taxable status date, the City Assessor shall mail to each person, who was granted exemption pursuant to this section on the latest completed assessment roll, an application form and a notice that such application must be filed at least 90 days before the date for filing the final assessment roll, and be approved, in order for the exemption to be granted. Failure to mail any such application form and notice or the failure of such person to receive the same shall not prevent the levy, collection and enforcement of the payment of the taxes on property owned by such person.
Any conviction of having made any willful false statement in the application for such exemption shall be punishable by a fine of not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.