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HomeMy Public PortalAbout1980_02_27_O002ORDINANCE NO. 80-0-2 AN ORDINANCE: TOWN OF LEESBURG IN LOUDOUN COUNTY, VIRGINIA PRESENTED February 27~ 1980 ADOPTED February 27~ 1980 AMENDING SECTION 17-1.1 OF THE TOWN CODE REGARDING TAX RELIEF FOR THE ELDERLY ORDAINED by the Town Council of the Town of Leesburg, Virginia, as follows: SECTION I. Sec. 17-1.1 of the Town Code is hereby amended to read as follows: Sec. 17-1.1. Tax relief for the elderly. (a) As used herein: (i) "Total combined income" means gross income from all sources of the owners of the dwelling residing therein and of any relatives of the owner who reside in the dwelling, provided that the first $4,000 of income of each relative, other than the spouse of the owner or owners, who is living in the dwelling shall not be included in such total. (2) "Net combined financial worth" means all assets of the owners of the dwelling and of the spouse of any owner who resides therein, including equitable inter- ests, excluding the value of the dwelling and the land in an amount not to exceed one acre upon which it is situated. (b) Any person not less than 65 years of age by December thirty-first of the year preceding the date of application, who owns or partially owns a dwelling as the sole dwelling of that person, shall be eligible for and may apply for an exemption or deferral of real estate taxes on such dwelling and the land in an amount not to exceed one acre on which it is situated, pro- vided that: (i) The total combined income, as hereinabove defined, during the immediately preceding year cannot exceed $10,000. -2- (~) The net combined financial worth, as hereinabove defined, as of December 31st of the immediately preceding year cannot exceed $35,000. (c) Applicants who satisfy the requirements of this article may choose to have the taxes on the eligible property fully exempted or deferred. If an applicant chooses to defer his or her taxes, pay- ment is not required until the applicant sells his or her interest in the property or one year after his or her death. Deferred taxes will not accrue penalty and interest, however, at such time these taxes become due again, because of failure to meet the requirements of the article, selling of one's interest or death of the applicant, the taxes shall accrue interest at 8% per annum. If an applicant chooses exemption the taxes are fully abated and are not recoverable by the town. (d) Application for exemption or deferral provided for herein shall be made not later than May 1st of each year for which exemption or deferral is sought to the director of finance on forms to be pro- vided by him. The application shall be accompanied by an affidavit setting forth the names of all persons occupying such dwelling and stating that the total combined income and the net combined finan- cial worth do not exceed the limitations set forth in (b) above. The director of finance may require an applicant to answer questions under oath as to his requirements under this article, and/or to pro- duce for inspection certified federal income tax returns for the preceding three years to establish the total combined income or net combined financial worth as hereinbefore defined. (e) Any change in respect to total combined income, net com- bined financial worth, ownership of the dwelling, or other factors which occur during the taxable year for which the affidavit is filed, and which has the effect of exceeding or violating the limitations and conditions of this article, shall nullify any exemption or de- ferral for the then current taxable year and the taxable year imme- diately following. (f) Real estate described in (b) above shall be exempt from real estate taxes or such taxes shall be deferred under the provi- sion of this article for any year in which proper application is made, provided that, if the ownership of the property for which application for exemption or deferral is made is not held solely by the applicant or jointly with the applicant's spouse, then the a- mount of the tax exemption or deferral hereunder shall be in pro- portion to the applicant's ownership interest in the subject real property as that ownership interest may appear. (g) Any person or persons falsely claiming exemption or de- ferral shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than fifty dollars nor more than $300 for each offense. SECTION II. This ordinance shall be effective January 1, 1981. PASSED this 27th day of February , 1980. ATTEST: Clerk of Co,il Kenneth B. Rollins, Mayor Town of Leesburg