Minutes 11/13/1973 - Laserfiche WebLink

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JE TUESDAY NOVEMBER 13, 1973 - 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 owners' relatives living in the dwelling shall not exceed $5~000.00, provided that the first $2~500.00 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. (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 $15~000.00. (c) The person or persons claiming such exemption shall file annually with the Commissioner of Revenue~ on forms to be supplied by the Commissioner of 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 fifteenth day of February of each year. The Commissioner of 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 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. (d) The exemption hereunder is granted for any year following the date that the head of the household occupying such dwelling and owning title or partial title thereto reaches the age of 65 years. Changes in respect to income, financial worth, ownership of property or other factors occuring 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. (e) In the event the person or persons claiming exemption qualify therefor, the amount of said exemption shall be as shown on the following schedule: ,- TOTAL INCOME FROM ALL SOURCES TAX EXEMPTION ,- $ 0 - $2000 $2001 - $2500 $2501 - $3000 $3001 - $3500 $3501 - $4000 $4001 - $4500 $4501 - $5000 80% 70% 60% 50% 40% 30% 20%