1985 Ordinances - Laserfiche WebLink

Home Browse Search

AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY AMENDING SECTIONS 35-224 (e) AND (f), AND 35-226, PERTAINING TO EXEMPTION OF REAL ESTATE TAXES FOR CERTAIN ELDERLY AND PERMANENTLY DISABLED P~OPLE. BE IT ORDAINED by the Council of the City of Portsmouth, virginia, that Section 35-224 (e) (f) and Section 35-226 of the code of the City of Portsmouth, Virginia, 1973, be amended to read as follows: Section 35-224. Eligibility for exemption. (e) The total combined income from all sources for the immediately preceeding calendar' year of the owner or owners claiming tax exemption and of the owner or owner's relatives or other household member living in the subject dwelling shall not exceed ten thousand, five hundred dollars ($10,500) providing the first twenty-five hundred dollars ($2,500) of income of each relative cther 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 net combined financial worth, including equitable interests, as of the 31st day of December of the immediately preceeding 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, shall not exceed thirty-six thousand, seven hundred fifty dollars ($36,750). 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 following schedule: TOTAL INCOME TAX EXEMPTION ALL SOURCES (PERCENT) $0 5,501.00 6,G01.00 - 6,501.00 - 7,OO1.00 - 7,501.00 8,001.00 - 8,501.00 9,001.00 - 9,501.00 5,500.00 100 6,000.00 90 80 6,500.00 70 7,000.00 60 7,500.00 50 8,000.00 40 8,500.00 9,000.00 30 9,500.00 20 10,500.00 10 the