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TUESDAY, OCTOBER 25, 1988 <br /> <br />The provisions of this ordinance shall be administered by <br />the Commissioner of the Revenue of the City of Martinsville, <br />Virginia, according to the terms, conditions, and <br />restrictions set forth herein, and said Commissioner is <br />hereby authorized and empowered to prescribe, adopt and <br />enforce rules and regulations, for the administration of <br />this ordinance. <br /> <br />Said real estate tax exemption will be granted to persons <br />qualifying therfor on the following basis: <br /> <br />(a) <br /> <br />The total combined income during the immediately <br />preceding calendar year from all sources of the owners <br />of the dwelling living therein, and of the owner's <br />relatives living in the dwelling shall not exceed <br />$12,000, provided: <br /> <br />(1) that the first $6,500 of income of each relative, <br /> other than the spouse of the owner, or owners, who <br /> is living in the dwelling shallnot be included in <br /> such total; and <br /> <br />(2) that the first $7,500 of income shall be excluded <br /> for an owner who is permanently disabled. <br /> <br />(b) <br /> <br />The net combined financial worth, including equitable <br />interests, as of the 31st day of December of. the <br />immediately preceding calendar year of the owners, and <br />of the spouse of any owner, excluding the value of the <br />dwelling and the land, not exceeding one acre, upon <br />which it is situated, and excluding furnishings, shall <br />not exceed $50,000. Such furnishings shall include <br />furniture, household appliances and other items <br />typically used in a home. <br /> <br />(c) <br /> <br />The person or persons claiming such exemption shall <br />file annually with the Commissioner of the Revenue, on <br />forms to be supplied by the Commissioner of the <br />ReVenue, an affidavit setting forth the names of the <br />related persons occupying such real estate, stating <br />that the total combined net worth, including equitable <br />interests, and the combined income from all sources of <br />such person or persons does not exceed the limits <br />described herein, and such affidavit shall be filed not <br />later than the first day of April of each year. The <br />Commissioner of the Revenue is authorized to make such <br />further inquiry of persons seeking such exemption, <br />requiring answers under oath, as may be reasonably <br />necessary to determine their qualifications therefor, <br />as specified herein and the Commissioner of the Revenue <br />is further authorized to require the production of <br />certified tax returns to establish the income or <br />financial worth of any applicant for tax relief <br />hereunder. <br /> <br /> <br />