HomeMy WebLinkAboutOrdinance No. 16-006 Over 65 Homestead ExemptionORDINANCE NO. 16/006
AN ORDINANCE OF THE CITY OF UNIVERSITY PARK, TEXAS, TO PROVIDE
AN EXEMPTION ON THE RESIDENCE HOMESTEAD OF AN INDIVIDUAL WHO IS
DISABLED OR AN INDIVIDUAL WHO IS SIXTY-FIVE YEARS OF AGE OR OLDER IN
THE AMOUNT OF THREE HUNDRED THIRTY EIGHT THOUSAND DOLLARS
($338,000.00) ON THE ASSESSED VALUE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council desires to set the exemption from taxation of a portion of the
appraised value of a residence homestead of an individual who is sixty-five years of age or older or
an individual who is disabled, as authorized by the Tax Code, NOW THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS:
SECTION 1. That there is hereby established for the tax year 2016 an exemption from
taxation of three hundred thirty eight thousand dollars ($338 ,000.00) of the appraised value of the
residence homestead of an individual who is sixty-five years of age or older or an individual who is
disabled. "Disabled" means a person having a disabil.ity for purposes of payment of disability
insurance benefits under the Federal Old Age Survivors and Disability Insurance Act.
SECTION 2. This ordinance shall take effect immediately from and after its passage, as the
law and Charter in such cases provide.
DULY PASSED by the City Council of the City"of University Park, Texas, on the 15th day
of March, 2016.
APPROVED:
OLIN LANE, MAYOR
ATTEST:
CHRISTINE GREEN, CITY SECRETARY