Sec. 11.1-20. Qualifications for exemption.
Exemption pursuant to this article shall be granted to persons
and for property complying with the following provisions:
(a) The title to the property for which exemption is claimed is
held, or partially held, by the person or persons claiming such
exemption, as of January 1 of the taxable year for which such
exemption is claimed.
(b) The dwelling for which the exemption is claimed is occupied
as the sole dwelling of such claimant or claimants.
(c) The head of household claiming such exemption is sixty-five
years of age or older as of December 31 of the year immediately
preceding the taxable year for which the exemption is claimed.
(d) The gross combined income from all sources of such
claimant owner or owners of such dwelling living therein, and of
their relatives living in such dwelling, for the immediately
preceding calendar year, does not exceed the sum of seven
thousand five hundred dollars; provided, that the first two
thousand five hundred dollars of income of each relative other
than spouse, of such claimant owner or owners, who is living in
such dwelling shall not be included in such total.
(e) The net combined financial worth of such claimant owner or
owners and of their relatives living in such dwelling as of
December 31 of the year immediately preceding the taxable year
for which the exemption is claimed does not exceed twenty
thousand dollars. Net combined financial worth shall include the
value of all assets, including equitable interests, exclusive of the
fair market value of the dwelling for which exemption is claimed
and of the land, not exceeding one acre, upon which it is situated.
(2-20-73; 8-20-73.)