Certain designated zones of the Borough, as
described in Exhibit A attached hereto, qualify as deteriorated properties under the provisions
of LERTA.
The Borough hereby exempts property within the
designated deteriorated areas described in Exhibit A from real property
taxes, as more fully set forth in this article, based on the assessment
attributable to new construction, as limited or defined more completely
in 72 P.S. § 4722 et seq.
There is no exemption granted upon the assessed
valuation attributable to land.