As used in this Article, the following words
and phrases shall have the meanings set forth below:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association or corporation and located in the Borough
of Norristown.
IMPROVEMENT
Repair, construction or reconstruction, including alterations
or additions, having the effect of rehabilitating a deteriorated property
so that it becomes habitable or attains higher standards of safety,
health, economic use or amenity or is brought into compliance with
laws, ordinances or regulations governing such standards. Ordinary
upkeep and maintenance shall not be deemed an "improvement." For purposes
of this Article, repair or construction of buildings containing apartment
units shall not constitute an "improvement" eligible for a real estate
tax exemption under provisions of this Article.
[Amended 6-2-1987 by Ord. No. 87-12]
A. Exempted area. By this Article, the Borough Council
designates the entire Borough of Norristown to be eligible to participate
in this tax exemption program.
B. Exempted buildings. By this Article, the Borough Council
designates all new construction, reconstruction, repair, alterations
or additions for commercial, industrial or other business properties
to be eligible to participate in this tax exemption program.
[Amended 12-5-1994 by Ord. No. 94-26]
A. The schedule of real estate taxes to be exempted shall
be in accordance with the following percentages of improvements to
be exempted each year, subject to a fifteen-million-dollar maximum.
|
Length
|
Portion
|
---|
|
First year
|
100%
|
|
Second year
|
90%
|
|
Third year
|
80%
|
|
Fourth year
|
70%
|
|
Fifth year
|
60%
|
|
Sixth year
|
50%
|
|
Seventh year
|
40%
|
|
Eighth year
|
30%
|
|
Ninth year
|
20%
|
|
Tenth year
|
10%
|
B. The exemption from taxes granted under this Article
shall be upon the property and shall not terminate upon the sale or
exchange of the property.
A copy of the request for exemption shall be
forwarded by the Borough Building Inspector to the Montgomery County
Board of Assessment. Upon completion of the improvement or new construction,
the taxpayer shall notify the Borough Building Inspector and the Montgomery
County Board of Assessment so that the Board of Assessment can make
an assessment of the improvements separately for the purpose of calculating
the amount of assessment eligible for the tax exemption in accordance
with the limits established in this Article. The County Board of Assessment
will then set the amount of assessment eligible for exemption, record
the same on its assessment rolls and notify the taxpayer of the assessment
eligible for exemption. Appeals from the assessment and the amount
eligible for the exemption may be taken by the taxpayer or the Borough
of Norristown as provided by law.
[Amended 12-5-1994 by Ord. No. 94-26]
Unless otherwise repealed by the Borough Council
of the Borough of Norristown, this Article shall terminate on December
31, 2004. Nothing contained herein shall act to prohibit the Council
of the Borough of Norristown from enacting a similar ordinance or
extending this one.
This Article shall become effective for Borough
of Norristown real estate taxes assessed for the year commencing January
1, 1985.