As used in this article, the following words and phrases shall
have the meaning set forth below:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association or corporation and located in a deteriorating
area or any property which has been subject of an order by a government
agency requiring the property to be vacated, condemned or demolished
by reason or noncompliance with law, 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.
LOCAL TAXING AUTHORITY
The County of Monroe, the Pocono Mountain School District
and the Township of Coolbaugh.
The Board determines that the real property within Coolbaugh
Township, Monroe County, described on Schedule A annexed hereto and incorporated herein by this reference,
is a deteriorated area and the Board finds that this tract of land
is eligible for tax exemption under LERTA and this article. Therefore,
persons making improvements to eligible industrial, commercial or
other business properties in the foregoing eligible area may apply
for, and the Board of Assessment Appeals may grant, a real estate
tax exemption upon such improvements in the amount and in the manner
hereinafter provided.
The amount to be exempted from real estate taxes shall be limited
to that portion of the real estate tax assessment attributable to
the actual cost of improvements in accordance with the exemption schedule
established within this article. The exemption for real estate taxes
shall be limited to improvements for which an exemption has been requested
in the manner set forth below and for which a separate assessment
has been made by the Monroe County Board of Assessment Appeals.
This article shall take
effect immediately and shall remain in effect thereafter from year
to year, unless sooner repealed, until December 31, 2025.