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AUNU E No AN ORDINANCE TO AMEND DIVISION IV OF ARTICLE III OF CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (ELDERLY AND DISABLED PERSONS; PARTIAL EXEMPTION FROM REAL ESTATE TAXES) BY AMENDING SECTION 35 -173 FOR THE PURPOSE OF INCREASING INCOME AND NET WORTH ELIGIBILITY LIMITS. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Division IV of Article III of Chapter 35 of the Code of the City of Portsmouth, Virginia is amended by amending Section 35 -173 as shown below: Sec. 35 -173. General prerequisites to grant. An exemption shall be granted to persons eligible, subject to the following conditions: (1) 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 section. (4) 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 /owners' relatives or other household member living in the subject dwelling shall not exceed WW $67 000.00. (5) The net combined financial worth, including equitable interests, as of December 31st 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, and excluding furniture, household appliances and other items typically used in a home, shall not exceed $350,000.00. 2. That except as expressly set forth herein, Division IV of Article III of Chapter 35 is not otherwise amended.