HomeMy WebLinkAbout0041_83-25W
AN ORDINANCE PROVIDING THAT THE GREATER OF FIVE
THOUSAND DOLLARS ($5,000.00) OR ONE PER CENT OF
THE MARKET VALUE OF RESIDENCE HOMESTEADS OF
MARRIED OR UNMARRIED ADULTS, INCLUDING ONE LIVING
ALONE, BE EXEMPTED FROM AD VALOREM TAXATION UNDER
CERTAIN CONDITIONS AND SETTING OUT SAID
CONDITIONS.
WHEREAS, Article VIII, Section 1-b (e) of the Texas
Constitution provides that the governing bodies of political
subdivisions may exempt from ad valorem taxation a percentage of
the market value of the residence homestead of a married or
unmarried adult, including one living alone, under certain
conditions and
WHEREAS, the City Council of the City of Georgetown, Texas,
intends to exempt from taxation the greater of Five Thousand
Dollars ($ 5 , 0 0 0 . 0 0) or One percent (1%) of the market value of
the residence homestead of a married or unmarried adult,
including one living alonep now therefore,
BE IT ORDAINED by the City Council of the City of
Georgetown, Texas, that from and after January 1, 1983, the
greater of Five Thousand Dollars ($5,000.00) or One percent (1%)
of the market value of the residence homestead as defined by law
of a married or unmarried adult, including one living alone, on
January 1st of the year for which the exemption is claimed shall
be exempt from City ad valorem taxes= and provided that an
eligible adult is entitled to receive other applicable exemptions
provided by law= and provided that where the ad valorem tax has
previously been pledged for the payment of debt, the City may
continue to levy and collect the tax against the value of the
homestead exempted under this Ordinance until the debt is
discharged if the cessation of the levy would impair the
obligation of the contract by which the debt was created.
READ, PASSED AND APPROVED on first reading this _1._ day of
1983.
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