§ 28-1.1. Homestead exemption.

(a)

From and after January 1, 2008, 2.5 percent of the assessed value a residential homestead shall be exempt from city taxation of real property. If the exemption granted produces an exemption of less than five thousand dollars ($5,000.00), the individual property owner shall be entitled to an exemption of five thousand dollars ($5,000.00) of the assessed value of the residential homestead.

(b)

From and after January 1, 2006; forty thousand dollars ($40,000.00) of the assessed value of residence homesteads of the owner or owners who have attained the age of sixty-five (65) years or older or who are under a disability for purposes. of payment of disability insurance benefits under federal old-age, survivors, and disability insurance or its successor, shall be exempt from all taxation as authorized by V.T.C.A., Tax Code, § 11.13; provided, however, that where the ad valorem tax has heretofore been pledged for the payment of any debt, the taxing officers of the city shall have the authority to continue to levy and collect the tax against the homestead property at the same rate as the tax so pledged until the debt is discharged if the cessation of the levy would impair the obligation of the contract by which the debt was created.

(c)

Any exemption granted pursuant this section shall apply to persons who comply with all the qualifications or requirements of state law for receiving such exemptions.

(Ord. No. 243, §§ 1, 2, 12-18-72; Ord. No. 243-1, § 1, 9-22-80; Ord. No. 243-2, § 1, 3-12-90; Ord. No. 1206A, § 1, 3-21-05; Ord. No. 1206B , § 1, 6-9-08)