(a) The owner of any tract of land, against which a tax bill has been issued, may, not later than sixty (60) days after the issuance of the tax bill, enter into an agreement with the city to pay the tax bill in ten (10) annual installments. Each payment shall be in an amount equal to one-tenth (1/10) of the unpaid balance of the tax bill, together with all accrued interest. The agreement shall provide that if any installment is not paid when due, the balance shall be then due and payable in full, together with all accrued interest. Prepayments may be made without penalty.

    (b) The owner of any tract of land, against which a tax bill has been issued, who shall qualify for the senior citizen installment plan, may, not later than sixty (60) days after the issuance of the tax bill, enter into an agreement with the city to pay the tax bill in ten (10) annual installments. The first nine (9) payments shall be in an amount equal to the accrued interest on the unpaid amount of the tax bill. The tenth payment shall be in an amount equal to the unpaid balance of the tax bill, together with all accrued interest. The agreement shall provide that if any installment is not paid when due, the balance shall be then due and payable in full, together with all accrued interest. Prepayments may be made without penalty.

    (1)    To qualify for the senior citizen installment plan, the applicant must meet the following qualifications at the time of signing the agreement:

        a.    The applicant must be not less than sixty (60) years of age;

        b.    The applicant must be an owner of the property subject to the tax bill and have occupied that property as his principal place of residence continuously for the previous twelve (12) months; and

        c.    The combined annual income of the applicant and those persons having an ownership interest in the property shall not exceed seven thousand five hundred dollars ($7,500.00).

    (2)    The terms used herein shall be defined as follows:

        a.    "Owner" and "ownership interest" includes one or more tenants by the entireties, joint tenants, or tenants in common.

        b.    "Income" means Missouri adjusted gross income as declared on the applicant's most recent state tax return and as defined in the Revised Missouri Statutes and increased, where necessary, to reflect the following:

            1.    Social Security, railroad retirement and veterans payment and benefits.

            2.    The total amount received from all other public and private pensions and annuities.

            3.    Public relief, public assistance, and employment benefits received in cash, other than benefits received pursuant to the Senior Citizens Property Tax Relief Statutes.

            4.    Capital gain as defined by the Internal Revenue Code unless already declared as income.

            5.    Interest earned on obligations of the United States, any state, or any of their subdivisions or agencies.

            6.    No deduction shall be allowed for losses not incurred in a trade or business.

(Ord. No. 10832, § 1, 12-16-85)