The URL can be used to link to this page

Home My WebLink AboutORD 83-25 - $5000 Exemption!P ORDINANCE NO. k; - ;? AN ORDINANCE PROVIDING THAT THE GREATER OF FIVE THOUSAND DOLLARS ($5,000.00) OR ONE PER CENT OF THE MARKET VALUE OF RESIDENCE HOMESTEAD OF MARRIED OR UNMARRIED ADULTS, INCLUDING ONE LIVING ALONE, BE EXEMPTED FROM AD VALOREM TAXATION UNDER CERTAIN CONDITIONS AND SETTING OUT SAID CONDITIONS. WHEREAS, Artice VIII, Section 1-b (e) of the Texas Constitution provided that the governing bodies of political subdivisions may exempt from ad valorem taxation a percentage of the market value of the residence homestead of a mar- ried or unmarried adult, including one living alone, under certain conditions; and WHEREAS, the City Council of the City of Georgetown, Texas, intends to exempt from taxation the greater of Five Thousand Dollars ($5,000.00) or One percent (1%) of the market value of the residence homestead of a married or unmarried adult, including one living alone; now therefore, BE IT ORDAINED by the City Council of the City of Georgetown, Texas, that from and after January 1, 1983, the greater of Five Thousand Dollars ($5,000.00) or One percent (ly) of the market value of the residence homestead as defined by law of a married or unmarried adult, including one living alone, on January 1st of the year for which the exemption is claimed shall be exempt from City ad valorem taxes; and provided that an eligible adult is entitled to receive other applicable exemptions provided by law; and provided that where the ad valorem tax has previously been pledged for the payment of debt, the City may continue to levy and collect the tax against the value of the homestead exempted under this Ordinance until the debt is discharged if the cessation of the levy would impair the obligation of the contract by which the debt was created. READ, PASSED AND APPROVED on first reading this 9th day of August, 1983. READ, PASSED AND APPROVED on second and final reading this 22nd day of August, 1983. ATTEST: r JIM COLBERT, CITY CRET RY JO C. DOERFLInk, MAYOR /�l APPROVED AS TO FORM: