Minutes 08/08/2006 (2) - Laserfiche WebLink

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IJ ~) August 8, 2006 or other factors occurring during the taxable year for which the affidavit is filed, and having the effect of exceeding or violating the limitations and conditions provided herein, shall nullify any exemptions for the then-current taxable year and the taxable year immediately following. (5) In the event the person or persons claiming exemption qualify therefor, the amount of said exemption shall be as shown on the following schedule, which shall be effective retroactively to July 1, 2006: Total IncomeTax From All Sources Exemption $0.00 - $12,500.00 $12,501.00 - $14,150.00 $14,151.00 - $15,825.00 $15,826.00 - $17,500.00 $17,501.00 - $19,150.00 $19,151.00 - $20,825.00 $20,826.00 - $22,500.00 $22,501.00 - $24,150.00 $24,151.00 - $25,825.00 $25,825.00 - $27,500.00 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% However, a change in property ownership to a spouse (a qualifying person to a non-qualifying person), when such change resulted solely from the death of the qualifying individual, or a sale of such property shall result in a prorated exemption of such relief granted for the then-current taxable year. The proceeds of the sale shall not be included in the computation of new worth or income as provided in subsections (b)(l) and (b)(2) herein. (6) Regardless of the figures shown on the foregoing schedule, no exemption granted hereunder shall exceed the amount of four hundred dollars ($400.00). Council heard the monthly update from the Martinsville-Henry County Economic Development Corporation. Mark Heath mentioned the two shell building projects. Dewberry & Davis has been selected to do the architectural plan for the virtual shell building in Clearview Business Park and Eden and Associates is working on the design plan for the shell building in the Patriot Centre. The Tobacco Commission has awarded funds to help with this project. Lisa Fultz will be holding a workshop on September 26 beginning at 8:00 a.m.