Pursuant to the provisions of the Texas Property Tax Code, (Tex. Tax Code, §§ 11.01 et seq.), an individual is entitled to an exemption from ad valorem taxes levied by the city of 20% of the appraised value of his or her residence homestead. If said 20% of appraised value produces an exemption in a tax year of less than $5,000.00 when applied to a particular residence homestead, the individual is entitled to an exemption of $5,000.00 of the appraised value.
(`87 Code, § 22-7) (Am. Ord. 1989-4, passed 4-4-89)