1992 Ordinances - Laserfiche WebLink

Home Browse Search

1992-39 4--. AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 35-159(5) AND (6), SECTION 35~161(b) AND SECTION 35-163 PERTAINING TO EXEMPTION OF REAL ESTATE TAXES FOR CERTAIN ELDERLY AND DISABLED PERSONS. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: t. That Section 35-159(5) and (6) of the Code of the City of Portsmouth, Virginia, 1988, be amended to read as follows: Section 35-159. General prerequisites to grant. (5) The total combined income from all sources for the immediately preceding calendar year of the owner or owners claiming tax exemption and of the owners' relatives or other household member living in the subject dwelling shall not exceed nineteen thousand dollars ($19,000.00); provided, that the first four thousand dollars ($4,000.00) of income of each relative other than spouse or other household member of the owner or owners who is living in the dwelling shall not be included in such total. In addition thereto, up to seven thousand five hundred dollars ($7,500.00) of income of an owner who is permanently disabled shall not be included in such total. {6) The net combined financial worth, including equitable interests, as of the thirty-first day of December of the immediately preceding calendar year, of the owner or owners and of the spouse of any owner, excluding the value of the dwelling and the land, not exceeding one (1) acre, upon which it is situated., and excluding furniture, household appliances and other'~items typically used in a home, shall not exceed sixty-four thousand two hundred dollars ($64,200.00). 2. That Section 35-161(b) of the Code of the City of Portsmouth, Virginia 1988, be amended to read as follows: Section 35-161. Same Extension of time for filing. (b) Notwithstanding the provisions of subsection (a) of Section 35-160, any person who qualifies for exemption as a result of amendment by the City Council of the combined income or net combined financial worth requirements of Section 35-159 shall be permitted to make application for exemption not later than the thirtieth day of June immediately preceding the taxable year in question. Applications received for the tax year beginning July 1, 1992 and ending June 30, 1993 will be evaluated pursuant to the schedule found in Section 35-163 of this code.