[Adopted 7-20-1993 by Ord. No. 13-1993 (Ch. 24, Part 7, of
the 2004 Code of Ordinances)]
The boundaries of the Downtown Commercial District (C-2), as
shown on the City of Nanticoke Zoning Map dated July 1972, are hereby
affixed as the boundaries of a deteriorated area, and all industrial,
commercial and other business property located therein shall be considered
deteriorated property for the purpose of said Act (the Local Economic
Revitalization Tax Assistance Act).[1]
[1]
Editor's Note: See 72 P.S. § 4722 et seq.
The following schedule of tax exemptions, with respect to improvement
of deteriorated property as provided in said Act, is hereby adopted,
with the exemption to be granted on the increase in assessment attributable
to the actual cost of improvements regardless of the dollar amount:
|
Improvement Exemption Schedule
| ||
|---|---|---|
|
Year
|
Percent of Deduction on Improvements
|
Percent of Tax Collected on Increased Assessment
|
|
1
|
100%
|
0%
|
|
2
|
90%
|
10%
|
|
3
|
80%
|
20%
|
|
4
|
70%
|
30%
|
|
5
|
60%
|
40%
|
|
6
|
50%
|
50%
|
|
7
|
40%
|
60%
|
|
8
|
30%
|
70%
|
|
9
|
20%
|
80%
|
|
10
|
10%
|
90%
|
