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File #: ORD. 2019-029    Version: 1 Name:
Type: Ordinance Status: Consent Agenda
File created: 2/12/2019 In control: City Council
On agenda: 2/25/2019 Final action:
Title: To amend and reordain City Code ?? 26-364 and 26-365, concerning tax relief for elderly and permanently and totally disabled persons, for the purpose of revising the income ranges and corresponding exemption percentages for qualification of elderly and permanently and totally disabled persons for tax relief.
Patrons: Parker Agelasto, Ellen Robertson, Kristen Larson, Andreas Addison, Kimberly Gray, Reva Trammell, Michael Jones
Attachments: 1. Ord. No. 2019-029.pdf
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To amend and reordain City Code ?? 26-364 and 26-365, concerning tax relief for elderly and permanently and totally disabled persons, for the purpose of revising the income ranges and corresponding exemption percentages for qualification of elderly and permanently and totally disabled persons for tax relief.
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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 (2015) be and are hereby amended and reordained as follows:
Sec. 26-364. Tax relief for elderly persons.
(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, "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 freeze.
(d) Administration of exemption or freeze. The exemption and the fre...

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