Ord 2022-007/Amending Ch 78, Taxation of the City homestead from 15,000 increasing it for disable and 65 and older to 25,000 to 35,000

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ORDINANCE NO. 2022 -07 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING CHAPTER 78, TAXATION, OF THE CITY CODE OF ORDINANCES; ESTABLISHING A RESIDENTIAL HOMESTEAD EXEMPTION IN THE AMOUNT OF $15,000.00; INCREASING THE RESIDENCE HOMESTEAD EXEMPTION FOR DISABLED PERSONS AND PERSONS 65 OR OLDER FROM $25,000.00 TO $35,000.00; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council finds it in the public interest to establish a residential homestead exemption and to increase the current residence homestead exemption for persons 65 or older and the disabled. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. Section 78.77 of the City Code is amended as follows (underlining indicates added text; eve f.,,.;ke indicates deleted text): See. 78.077. Exemption. (a) A person who owns and resides in a property subject to city property taxation is entitled to an exemption from city property taxation of $15,000.00 of the appraised value of the person's residence homestead, provided however, that the amount of this exemption shall not exceed 20 percent of the appraised value. 121(a3 A person who is 65 or older or is disabled is entitled to an exemption from city property taxation of $25,000.00 $35,000.00 of the appraised value of the person's residence homestead. An eligible disabled person who is 65 or older may not receive both exemptions but may choose either. Lc) (b) Eligibility for the exemption is determined as of January 1 of each year. Ld,) (0 The exemption must be applied for and must be approved by the chief appraiser of the appraisal district in accordance with state law. (e,) (4) The exemption may not be compounded for joint or community owners of a single homestead.