§ 86-66. Persons 65 or over; granted; exception.

From and after January 1, 1973, $3,000.00 of the assessed value of residence homesteads as defined by law of persons who have attained the age of 65 years on or before January 1 of the year for which the exemption is claimed shall be exempt from city ad valorem taxes; provided, however, that where the ad valorem tax has heretofore been pledged for the payment of any debt, the taxing officers of the city shall have authority to continue to levy and collect the tax against the homestead property at the same rate as the tax so pledged until the debt is discharged, if the cessation of the levy would impair the obligation of the contract by which the debt was created.

(Code 1969, § 23-2)