Minutes 10/27/1987 - Laserfiche WebLink

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TUESDAY, OCTOBER 27, 1987 - 1. The prov1s10ns of this ordinance shall be administered by the Commissioner of the Revenue of the City of Martinsvil1e, Virginia, according to the terms, conditions, and restrictions set forth herein, and said Commissioner is hereby authorized and empowered to prescribe, adopt and enforce rules and regulations, for the administration of this ordinance. 2. Said real estate tax exemption will be granted to persons qualifying therefor on the following basis: - (a) The total combined income during the immediately preceding calendar year from all sources of the owners of the dwelling living therein, and of the owner's relatives living in the dwelling shall not exceed $12,000, provided: (1) that the first $6,500 of income of each relative, other than the spouse of the owner, or owners, who is living in the dwelling shall not be included in such total; and (2) that the first $7,500 of any income received as permanent disability compensation by an owner shall not be included in such total. (b) The net combined financial worth, including equitable interests, as of the 31st day of December of the immediately preceding calendar year of the 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 not exceed $50,000. (c) The person or persons claiming such exemption shall file annually with the Commissioner of the Revenue, on forms to be supplied by the Commisioner of the Revenue, an affidavit setting forth the names of the related persons occupying such real estate, stating that the total combined net worth, including equitable interests, and the combined income from all sources of such person or persons does not exceed the limits described herein, and such affidavit shall be filed not later than the first day of April of each year. The Commissioner of the Revenue is authorized to make such further inquiry of persons seeking such exemption, requiring answers under oath, as may be reasonably necessary to determine their qualifications therefor, as specified herein and the Commissioner of the Revenue is further authorized to require the production of certified tax returns to establish the income or financial worth of any applicant for tax relief hereunder.