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(A) For the current expenses and general improvements of the city and its property, there is hereby levied and ordered to be assessed and collected for the fiscal year, an ad valorem tax on all property situated within the corporate limits of the city.
(B) Exemption for individuals who are 65 years of age or older.
(1) In accordance with the provisions of Tex. Property Tax Code, § 11.13, there is hereby established an exemption from taxation for the appraised value of the residence homestead of all persons who are 65 years of age or older. An exemption in the amount of $3,000 of the appraised value of a qualifying person's residence homestead is hereby adopted.
(2) The exemption from taxation adopted hereby shall be as of the effective date of this section, shall begin with the tax year 2007-2008, and shall continue for all subsequent years unless repealed, decreased, or increased in accordance with Tex. Property Tax Code, § 11.13 and/or other applicable provision of the Texas Property Tax Code.
(Ord. 666, passed 3-17-2008)