Ordinance No. 19653 - Laserfiche WebLink

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percent X35%} of the latest Lane County median family income recognized on July 1 of each year by the Department of Housing and Urban Development, or forty percent X40%} of that median family income if the owner is a husband and wife; plus an additional five percent ~5%} of the Lane County median family income for each dependent residing on the property and related to the owner by blood or marriage in the first ar second degree; 3. The owner may not, or if the owner is husband and wife neither may, own assets in addition to the property of residence and its household furnishings worth more than four ~4} times the allowable incame under subpart ~a}2, of this subsection, except that assets producing any part of the in- come counted in subpart ~a}2. of this subsection shall be ex- cluded in determining the amount of assets owned; and 4. The owner may nat, or if the owner is husband and wife neither may, own fee title ar a possessory interest in other property which is allowed a deferral under this section. fib} To be eligible far an extension or modification of assessment payments: ~. The real property owner shall be fifty-five X55} years of age or more or, if a husband and wife, one shall be so; 2. The owner's annual income may not exceed fifty-five percent X55%} of the latest Lane County median family income recognized on July 1 of each year by the Department of Housing and Urban Development, or sixty percent X60%} of that median family income if the owner is a husband and wife; plus an additional eight percent ~8%a} of the Lane County median family income for each dependent residing on the property and related to the owner by blood ar marriage in the first or second degree. 3. The owner may not, or if the owner is husband and wife neither may, own assets in addition to the property of residence and its household furnishings worth more than three ~3} times the allowable income under subpart ~b}2. of this subsection, except that assets producing any part of the in- come counted in subpart ~b}2. of this subsection shall be ex- cluded in determining the amount of assets owned; and 4, The awner may not, or if the owner is husband and wife neither may, own fee title or a possessory interest in other real property which is allowed a deferral under this section. Section 22. Section 1.250 of the Eugene Cade, 1971, is amended to pro- vide: 7.250 Local lm rovements - Se re ation of assessments. ~1} Whenever property assessed as an entire tract under sections 1.055, 7.130 to 1.285 ar 1.455 to 7.565 is subsequently subdivided or parti- tioned, a person owning any of the subdivision ar partition and desiring to ordinance - 12