The definition of the term “homestead
property” contained in Sections 8401 and 8581 of Act 50 of 1998
is incorporated by reference in its entirety herein. All other terms
and provisions set forth in this article shall be construed in accordance
with the provisions of Act 50 of 1998.
There is hereby created and established an Act
50 of 1998 Homestead Exclusion for applicable Homestead Properties
in Upper Merion Township. The initial $72,500 of the assessed value
of any homestead property in Upper Merion Township shall be excluded
from Upper Merion Township real property taxation.
The Office of the Montgomery County Board of
Assessments shall administer the Township’s Homestead Exclusion
Program created under this article. In administering the Township’s
Homestead Exclusion Programs, the Board of Assessments shall follow
all procedures and requirements set forth in Act 50.