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To amend and reordain City Code ?? 26-364, concerning tax relief for elderly persons, and evaluation of exemption or freeze program, and 26-365, concerning real estate tax relief for qualified permanently and totally disabled, and evaluation of exemption or freeze program, for the purpose of revising certain exemptions and deadlines.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 26-364 and 26-365 of the Code of the City of Richmond (2020) be and are hereby amended and reordained as follows:
Sec. 26-364. Tax relief for elderly persons; evaluation of exemption or freeze program.
(a) Exemption authorized. Real estate tax exemption is provided for qualified property owners, who are not less than 65 years of age and who are eligible according to the terms of this
section. Persons qualifying for exemption are deemed to be bearing an extraordinary real estate tax burden in relation to their income and financial worth.
(b) Freeze authorized. Real estate tax freeze is provided for qualified property owners, who are not less than 65 years of age and who are eligible according to the terms of this section. Persons qualifying for freeze are deemed to be bearing an extraordinary real estate tax burden in relation to their income and financial worth.
(c) Freeze defined. As used in this division, the term "tax freeze" or "freeze" refers to the total exemption of that portion of the real estate tax which represents the increase in such tax since the taxpayer initially applied and qualified for exemption under this division, so that the taxpayer's real estate tax will be frozen at the amount assessed in the tax year in which the taxpayer initially applied and qualified. If, for any tax year following the initial qualification of a taxpayer for a tax freeze such taxpayer becomes disqualified, any subsequent application for exemption by such taxpayer shall be treated as an initial application for purposes of determining the tax fr...
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