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989-58 <br /> <br />AN ORDINANCE TO AMEND THE CODE OF TH$ CITY OF PORTSMOUTH, <br />VIRGINIA, 1988, BY AMENDING SECTIONS 35-159(3); SECTION <br />35-165(a); AND SECTION 35-167 THEREOF PERTAINING TO REAL <br />ESTATE TAX EXEMPTION FOR ELDERLY AND DISABLED PERSONS. <br /> <br /> BE IT ORDAINED bY the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 35-159(3) <br />Portsmouth, Virginia, 1988, be, <br />repealed. <br /> <br />of the Code of the City of <br />and the same hereby is, <br /> <br /> 2. That Section 35-165(a) of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended to read as follows: <br /> <br />Section 35-165. Notice and effect of changes in status. <br /> <br /> (a) It is the responsibility of any property owner to <br />whom an exemption has been granted to notify the Director <br />immediately of any changes in respect to income, financial <br />worth, ownership of property or other factors occurring during <br />the taxable year for which the affidavit is filed under this <br />division and having the effect of exceeding or violating the <br />limitations and conditions provided in this division. Such <br />changes shall nullify any exemptions of real estate tax <br />liability for the remainder of the then current taxable year <br />and the taxable year immediately following; provided, however, <br />when change in property ownership resulted solely from the <br />death of the qualifying individual, for sale of the property, <br />the change shall result in a prorated exemption for the then <br />current taxable year, which prorated portion shall be <br />determined by multiplying the amount of the exemption by a <br />fraction wherein the number'of complete months of the year <br />such property was properly eligible for such exemption is the <br />numerator and the number twelve (12) is the denominator. The <br />proceeds of the sale which would result in the prorated <br />exemption shall not be included in the computation of net <br />worth or income as provided in this section. <br /> <br /> 3. That the Code of the City of Portsmouth, Virginia, <br />1988, be amended by adding thereto Section 35-167 to read as <br />follows: <br /> <br />Section 35-167. Notice by City Treasurer. <br /> <br /> The City Treasurer shall enclose written notice, in each <br />real estate tax bill for the third quarter of each taxable <br />year, of the terms and conditions of the real estate tax <br />exemptions for elderly and disabled persons in the City of <br />Portsmouth. The Treasurer shall employ any other reasonable <br />means necessary to notify residents of the City of Portsmouth <br /> <br /> <br />