(a) Amount of Exemption. The person or persons qualifying for and claiming an exemption shall be relieved of liability consistent with the percentage of relief for the real estate tax levied on the qualifying dwelling and the land on which it is situated, up to and including the value of the first three acres as set forth below.
Annual Household Income Cannot Exceed | Total Net Financial Worth | Percentage of Exemption |
$77,000 | Cannot Exceed $440,000 | 100% |
$70,000 | $440,000.01 to $560,000 | 50% |
$63,000 | $560,000.01 to $680,000 | 50% |
$56,000 | $680,000.01 to $800,000 | 50% |
$49,000 | $800,000.01 to $920,000 | 50% |
(b) Amount of Pro-Rated Exemption. The amount by which the person or persons qualifying for and claiming the pro-rated exemption shall be relieved of liability for real estate taxes levied on the qualifying dwelling and the land on which it is situated shall be calculated by multiplying the amount of the full exemption that would otherwise have been provided by a fraction that has as the numerator the percentage of ownership interest in the qualifying dwelling and the land on which it is situated up to three acres held by all such joint owners who are at least 65 years of age and as the denominator, 100%.
(Ord. 89-10. Passed 9-19-89; Ord. 01-09. Passed 9-17-01; Ord. 04-16. Passed 12-14-04; Ord. 07-15. Passed 12-18-07; Ord. 11-19. Passed 12-12-11; Ord. 15-06. Passed 11-4-15; Ord. 17-13. Passed 12-13-17; Ord. 21-06. Passed 7-14-21.)