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UROINANCi ftO.~_006:-102 AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 35-159, 35-161 (b), 35-163, 35-164, AND 35-173 THEREOF TO INCREASE THE ELIGIBILITY OF ELDERLY AND DISABLED PERSONS FOR REAL ESTATE TAX RELIEF. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Sections 35-159, 35-16I(b), 35-163, 35-164, and 35-173 of the Code of the City of Portsmouth, Virginia (2006) be amended and reordained to read as follows: ARTICLE III. EXEMPTIONS FROM REAL ESTATE TAXES DIVISION 3. ELDERLY AND DISABLED PERSONS Sec. 35-159. General prerequisites to grant. An exemption shall be granted to persons eligible subject to the following conditions: (I) The person making application must own or partially own title to the property for which exemption is claimed. (2) The person making application must be permanently and totally disabled or must be 65 years old or older as of June 30th of the immediately preceding taxable year. In the case of joint ownership between spouses occupying such property, eligibility of either spouse shall establish eligibility of both. (3) The person making application shall not have disposed of assets to future heirs within the preceding five years if such assets would have made the applicant ineligible under the requirements of this scction. (4) The total combined income from all sources for the immediately preceding calendar year of the owner or owncrs claiming tax exemption and of the owners' relatives or other household member living in the subject dwelling shall not exceed $30,000; provided, that the first $4,000 of income of each relative other than spousc or other houschold member of the owner or owners who is living in the dwelling shall not be included in such total. In addition thereto, up to $7,500 of income of an owner who is permanently disabled shall not be included in such total. (5) The net combined financial worth, including equitable interests, as of December 31 SI of the immediately preceding calendar year, of the owner or owners and of the spouse of any owner, excluding the valuc of the dwelling and the land, not exceeding one acre, upon which it is situated, and excluding furniture, household appliances and other items typically used in a home, shall not cxceed $75,000.