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SECTION 1. DEFINITIONS. For the purposes of this Ordinance, the following terms shall have the meanings indicated below: (a) "Household" means a person or group of persons living together in a room or group of rooms as a housing unit, but the term does not include persons boarding in or renting a portion of a dwelling. (b) "Household income" means the adjusted gross income, as defined in s. 62 of the United States Internal Revenue Code, of all members of a household. (c) "Property appraiser" means the Indian River County Property Appraiser. SECTION 2. ADDITIONAL HOMESTEAD EXEMPTION. Pursuant to the provisions of Section 196.075, Florida Statutes (2000), beginning January 1, 2002, an additional homestead exemption in the amount of twenty-five thousand dollars ($25,000), which additional homestead exemption applies only to taxes levied by Indian River County, its dependent special districts, and its municipal service taxing units, shall be allowed for any person who has legal or equitable title to real estate and maintains thereon the permanent residence of the owner, who has attained age sixty- five (65), whose household income does not exceed twenty thousand six hundred eighty dollars ($20,680) as adjusted in accordance with Section 3 of this Ordinance, and who submits to the property appraiser a sworn statement of household income in accordance with Section 4 of this Ordinance. SECTION 3. ADJUSTMENT OF INCOME LIMITATION. Beginning January 1, 2002, the twenty thousand six hundred eighty dollar ($20,680) income limitation shall be adjusted annually, on January 1, by the percentage change in the average cost -of -living index, in the period January 1 through December 31 of the immediate prior year compared with the same period for the year prior to that. The index is the average of monthly consumer -price -index figures for the stated twelve (12) month period, relative to the United States as a whole, issued by the United States Department of Labor. SECTION 4. ANNUAL SUBMITTAL REQUIRED. A taxpayer claiming the exemption must submit to the property appraiser, not later than March 1 of each year, a sworn statement of household income on a form prescribed by the Florida Department of Revenue. SECTION 5. SEVERABILITY. If any section, paragraph, sentence, clause or phrase of this Ordinance is held by a court of competent jurisdiction to be invalid or unconstitutional, such holding shall not affect the validity of the remaining portions of this Ordinance.