HomeMy WebLinkAboutOrdinance No. 18-012 Over 65 Homestead ExemptionORDINANCE NO. 18-012
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 AND EIGHTY-SEVEN THOUSAND DOLLARS
($387,000.00) 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 2018 an exemption from
taxation ofthree hundred and eighty-seven thousand dollars ($387,000.00) 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 disability 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 ofUniversity Park, Texas, on the 6th day of
March, 2018.
APPROVED:
OLIN LANE, MAYOR
ATTEST:
CHRISTINE GREEN, CITY SECRETARY