The following words and phrases when used in
this article shall have the following meanings:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association, or corporation, and located in a deteriorating
area, as hereinafter provided, or any such property which has been
the subject of an order by a government agency requiring the unit
to be vacated, condemned or demolished by reason of noncompliance
with laws, ordinances, or regulations.
IMPROVEMENT
Repair, construction or reconstruction including alterations
and 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."
The Board of Supervisors determines that the
areas shown on the map attached as Exhibit A shall be the areas which contain and consist of deteriorated
properties which are eligible for tax exemption under this article.
Additional eligible areas may be included from time to time by resolution
of the Board of Supervisors.
[Amended 5-6-2008 by Ord. No. 174-08]
A. The schedule of real estate taxes to be exempted shall
be in accordance with the below portion of improvements to be exempted
each year:
|
Length
(Year)
|
Portion
(Percent)
|
---|
|
First
|
100%
|
|
Second
|
100%
|
|
Third
|
100%
|
|
Fourth
|
100%
|
|
Fifth
|
100%
|
|
Sixth
|
80%
|
|
Seventh
|
60%
|
|
Eighth
|
40%
|
|
Ninth
|
20%
|
|
Tenth
|
0%
|
B. If an eligible property is granted a tax exemption
pursuant to this article, the improvement shall not, during the exemption
period, be considered as a factor in assessing other properties.
C. 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.
An application for exemption may be made at
any time within three years from the effective date of this article.
All qualified applications under this article are eligible for the
entire nine-year exemption schedule.
The Township may, by resolution adopted from
time to time, extend the time for filing an application for exemption.
However, in no event shall any one extension period exceed three years.
The exemption from real estate taxes provided
for herein shall be forfeited by the applicant and/or any subsequent
owner of the real estate for the failure to pay any nonexempt real
estate taxes by the last day of the time period to pay such taxes
in the penalty period. Upon receipt of the notice of nonpayment of
nonexempt real estate taxes, the Township Tax Collector shall discontinue
the LERTA exemption.