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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, BY AMENDING SECTIONS 35-224(e) AND (f) AND SECTION 35-226 PERTAINING TO EXEMPTION OF REAL ESTATE TAXES FOR CERTAIN ELDERLY AND PERMANENTLY DISABLED PEOPLE. BE ~T ORDAINED by the Council of the City of Portsmouth, Virginia, that Sections 35-224(e) and Section 35-226 be amended to read as follows: (f) and Section 35-224. Eligibility for exemption. (e) The total combined income from all sources for the immediately preceding calendar year of the owner or owners claiming tax exemption and of the owner's or owners' relatives or other household member living in the subject dwelling shall not exceed Sixteen thousand dollars ($16,000.00) provided 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. (f) The nee 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 acre, upon which it is situated, shall no~ exceed Fifty three thousand dollars ($53,000.00). Section 35-226. 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 the following schedule: Total Income Tax Exemption Ail Sources (Per Cent) 11 11 12 12 13 13 14 14 15 $0.00-$11,000.00 100 .001.00- 11,500.00 90 ~501.00- 12,000.00 80 001.00- 12,500.00 70 501.00- 13,000.00 60 001.00- 13,500.00 50 501.00- 14,000.00 40 001.00- 14,500.00 30 501.00- 15,000.00 20 001.00- 16,000.00 10