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• <br />The motion to approve was made by Hosley, seconded by Cou~ilman Thomas Abraham <br />and approved by council. <br />Since 2001 the over-age exemption has increased from $40,000 to $67,727 and since 2004, <br />the exemption for disabled persons has gone from X10,000 to $67,727. Homeowners are <br />not eligible for both exemptions. <br />Council's policy provides that the city manager will recommend an increase in the over- <br />age and disabled persons exemption when (the city's) economic and financial <br />conditions allow. When such conditions exist, the over-age and disabled persons <br />exemption will be increased annually based on the average percent increase in <br />residential revaluation, not to exceed X100,000. <br />