[Adopted 10-13-2015 by Ord. No. 1277]
The Borough has designated that the real estate zoned "commercial" and "industrial" situated in the Borough is LERTA eligible and designates said real estate as deteriorated properties under the provisions of LERTA.
The properties within the Borough are hereby exempt property from real property taxes, as more fully set forth in this article, based on the assessment attributable to new construction, improvements or renovations.
The exemption granted shall be the following percentages of real property tax upon the assessed valuation attributable to new construction or renovation of an existing building according to the following schedule:
Year
Percent Exempt
1
100%
2
100%
3
75%
4
50%
5
25%
6
0%
The provisions hereof shall become effective on January 1, 2016, and its terms shall apply to any building permitted for construction or renovation at any time until January 1, 2022.
There is no exemption granted upon the assessed valuation attributable to land.