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.