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AGENDA MEMO
(11/3/2009 AGENDA)
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| TO: |
Honorable Mayor and City Council |
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| FROM: |
Liz Spector, City Secretary
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| SUBJECT: |
CONSIDER AND ACT: on Approval of Ordinance to Establish Annually Adopted Elderly and Disabled Homestead Tax Exemption
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BACKGROUND:
Section 1.1001 of the Code of Ordinances refers to the Elderly Homestead Tax Exemption amount as $50,000. In February 2008 the City Council adopted an ordinance that set the over-65 and disabled homestead tax exemption at $250,000. The City Council also approved that in order to keep this exemption from losing its value, the exemption amount should be adjusted each year to keep the exemption at 25% of the average single-family home’s market value.
The original Code section stating a $50,000 exemption needs to be amended by removing language stating a specific dollar amount. Each year the City Council will approve an ordinance adopting the current year tax levy which will also state the over-65 and disabled homestead tax exemption.
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RECOMMENDATION:
Staff recommends approval of the ordinance.
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ATTACHMENTS:
Over 65 & Disabled Homestead Exmptn Ord
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