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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 35-159(5) AND (6) 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: 1. That Sections 35-159(5) and (6) 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 ~ear 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 eighteen thousand dollars-($18,000.00); 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 ~inancial 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 thc 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 thousand dollars ($60,000.00). 2. That Section 35-163 be amended to read as follows: Section 35-163. Amount of exemption. The person or persons qualifying for and claiming exemption shall have exempted that percentage of the real estate tax levied on the qualifying dwelling set forth in following schedule: the