(A) Constitutional exemption adopted. The Town Council hereby expressly adopts by its own action the provisions of Article VIII, § 1-b(b) of the Constitution of the state.
(B) Amount, limitation on and criteria of the exemptions. Upon compliance with all the requirements of this section, $35,000 of the assessed value of residence homesteads of persons who are 65 years of age or older, or who are under a disability for purposes of payment of disability insurance benefits under Federal Old Age, Survivors or Disability Insurance or its successor, shall be exempt from ad valorem taxes levied by the town. The exemption authorized hereby shall extend only to a residence homestead as the same may be defined by the laws of the state. Such exemption shall be allowed only if the property in question is in fact the residence homestead of the applicant and such persons have attained the age of 65 years prior to applying for such exemption, or is in fact disabled as above provided; provided, however, the exemption shall be granted if the property in question is owned by a husband and wife if one spouse is so disabled or upon one such spouses attaining the age of 65 years prior to applying therefor. An eligible disabled person who is 65 years of age or older may not receive both exemptions in the same year, but may choose either exemption.
(C) Administration of exemptions. The exemptions adopted in this section shall be administered as provided in the Texas Property Tax Code.
(D) Effective date and duration of section. This section shall take effect and be in force from and after its passage and approval. This section shall be applicable to taxes levied for the town as it now exists or may be hereafter amended unless repealed.
(Ord. 83-30, passed 5-31-1983; Ord. 85-58, passed 10-15-1985)