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~ 21-7 MARTINSVILLE CODE Total Income From All Sources Tax Exemption 19,151.00- 20,825.00 20,826.00- 22,500.00 22,501.00- 24,150.00 24,151.00- 25,825.00 25,826.00- 27,500.00 50% 40% 30% 20% 10% However, a change in property ownership to a spouse (a qualifying person to a nonqualifying 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)(1) 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). (Ord. No. 88-9, ~~ 1, 2,10-25-88; Ord. No. 90-16,11-27-90; Ord. No. 91-17,11-26-91; Ord. No. 93-5,6-8-93; Ord. No. 97-20, 9-9-97; Ord. No. 2006-12, 8-1-2006) State law reference-Authority for above section, Code of Virginia, ~ 58.1-3211. Sec. 21-8. Other classifications of tangible personal property for taxation. The following classifications of tangible personal property shall be taxed at the same rate that is applicable to machinery and tools: (1) Generating equipment purchased after December 31,1974, for the purpose of changing the energy source of a manufacturing plant from oil or natural gas to coal, wood, wood bark, wood residue or any other alternative energy source for use in manufacturing and any cogeneration equipment purchased to achieve more efficient use of any energy source. Such generating equipment and cogeneration equipment shall include, without limitation, such equipment purchased by a firm engaged in the business of generating electricity or steam, or both. (2) Motor vehicles, trailers and semi-trailers with a gross weight often thousand (10,000) pounds or more used to transport property for hire by a motor carrier engaged in interstate commerce. (Ord. No. 97-10, 5-27-97) Sec. 21-8.1. Personal property tax generally. Except as provided in sections 21-8 and 21-8.2, there is hereby imposed and levied a personal property tax on the assessed value of all tangible personal property and machinery and tools as classified in section 58.1-3500 et seq. of the Code of Virginia, with a situs in the city as of January 1 of each year at a rate or rates established annually by the city council. (Ord. No. 2004-2, 1-27-2004) Supp. No. 63 1250.4