§ 44-82. Ad valorem taxes exemption.

(a)

Effective beginning with the 2002 tax year, $75,000.00 of the assessed taxable value of all residence homesteads of those persons 65 years of age or older shall be exempt from all ad valorem taxes levied by the village. The exemption authorized hereby shall extend only to a residence homestead as the same may be defined by the laws of the state.

(b)

Such exemption shall be allowed only if the property in question is in fact the residence homestead of the applicant and such person has attained the age of 65 years prior to applying for such exemption; provided, however, the exemption shall be granted if the property in question is owned by a husband and wife upon which one of such spouses attained the age of 65 years prior to applying therefor.

(c)

Each person desiring such exemption shall file application for such exemption with the chief appraiser of the county appraisal district pursuant to the requirements of V.T.C.A., Tax Code § 11.43.

(Ord. No. 2002-6, § 1, 9-10-2002)