[Ord. 1995-O-19, 12/27/1995, § I]
As used in this Part, the following words and phrases shall
have the meaning set forth below:
IMPROVEMENT
Repair, construction or reconstruction, including alterations
or additions, having the effect of rehabilitating the 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.
PROPERTY
All industrial, commercial or other business property owned
by an individual, association or corporation and located within the
area, as hereinafter provided in this Part.
[Ord. 1995-O-19, 12/27/1995, § II]
1. The Newtown Township Board of Supervisors hereby designates the boundaries
of the following area as appropriate for tax relief:
A. A portion
of the Bucks County Tax Parcel No. 29-10-75-1 consisting of 52.02
acres fronting on the access road from the Newtown Yardley Road (S.R.
332) as set forth in the legal description attached hereto and incorporated
herein by reference as "Exhibit A" and as shown as Parcel 2 on the
plan attached hereto and incorporated herein as "Exhibit B."
B. All commercial,
industrial or local business properties located in this area may be
eligible to participate in this tax exemption program.
[Ord. 1995-O-19, 12/27/1995, § III]
The amount to be exempted shall be limited to the additional
assessment valuation attributable to the actual costs of improvements
to the property.
[Ord. 1995-O-19, 12/27/1995, § IV]
1. Year 1 - 100%
Year 2 - 90%
Year 3 - 80%
Year 4 - 70%
Year 5 - 60%
Year 6 - 50%
Year 7 - 40%
Year 8 - 30%
Year 9 - 20%
Year 10 - 10%
Year 11 - 0%
2. The exemption from taxes granted under this Part shall be upon the
property and shall not terminate upon the sale or exchange of the
property.
[Ord. 1995-O-19, 12/27/1995, § V]
1. Where construction of an improvement occurs in the area designated
by this Part to be exempt from property taxes, such entity performing
such improvement shall, at the time application is made for a building
permit for said improvement, complete a request for exemption form
provided by the Township requesting said exemption.
2. A copy of the request or exemption shall be forwarded to the Bucks
County Board of Assessment Office by the township of Newtown. Upon
completion of the improvement or new construction, the taxpayer shall
notify the County of Bucks and/or the Township of Newtown so that
it may have the assessor assess the improvements separately for the
purpose of calculating the amount of assessment eligible for tax exemption
in accordance with the limits established in this Part. The Township
of Newtown will then obtain from the assessor the amount of the assessment
eligible for exemption, and shall notify the taxpayer. Appeals from
the reassessment and the amount eligible for exemption may be taken
by the taxpayer or the Township of Newtown as provided by law.
[Ord. 1995-O-19, 12/27/1995, § VI]
1. Unless otherwise repealed by the Board of Supervisors of Newtown
Township, this Part shall terminate on December 31, 2005. Any property
tax exemptions granted under the provisions of this Part shall be
permitted to continue according to the exemption schedule even if
this Part expires or is repealed.
2. This Part shall be rescinded, repealed and terminated with nothing
further done by the Board of Supervisors of Newtown Township if the
Bucks County Board of Commissioners and the Council Rock School District
do not adopt a similar ordinance encompassing the same deteriorated
exempt area on or before January 1, 1996.