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HomeMy WebLinkAboutORD 1987-020 ORDINANCE N0. 87-20 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, PROVIDING FOR RESIDENCE HOMESTEAD EXEMPTION FROM AD VALOREM TAXATION; AND DECLARING AN EMERGENCY � WHEREAS, Article 8 , Section 1-b (e) of the Constitution of the State of Texas and Section 11 . 13 of the Property Tax Code �, permit the City of Grapevine, Texas to exempt a percentage of the assessed market value of the residents homestead of a married or unmarried adult, including one living alone, from all ad valorem taxes; and WHEREAS, the City Council of the City of Grapevine, Texas desires to exempt from all ad valorem taxes thirty percent (30�) of the assessed market value, or $5, 000. 00, whichever is greater, of said residence homestead for the 1987 tax year and twenty percent (20o) for tax year 1988 and each subsequent tax year thereafter until repealed. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS : Section 1 . That pursuant to Article 8 , Section 1-b (e) of the Constitution of the State of Texas and Section 11 . 13 of the Property Tax Code, thirty percent (30�) of the market value, or $5, 000. 00 , whichever is greater, of any residence homestead of any married or unmarried adult, including one living alone, shall be exempt from all City of Grapevine, Texas (the "City") ad valorem taxes levied for the tax year 1987, and twenty percent "�" (20�) for tax year 1988 and each subsequent tax year thereafter until repealed. �rw Section 2 . The fact that Section 11 . 13 (n) of the Property Tax Code provides that this action must be taken prior to the first day of May requires that this ordinance be effective upon its passage and adopted to preserve the public peace, property, health, and safety, and shall be in full force and effect from and after its passage and adoption, and an emergency is hereby declared. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 28th day of April, 1987 . APPROVED: Mayor ATTEST: Yr�r ` Gi.I Ci y ecretary APPROVED AS TO FORM: City Attorney