[Ord. 1036, 7/25/2016]
This Part shall be known as the "Local Economic Revitalization
Tax Assistance Act of the Borough of Hatboro."
[Ord. 1036, 7/25/2016]
The following words or phrases, when used in this Part, shall
have the meanings ascribed to them in this section, except where the
context clearly indicates a different meaning:
Any industrial, commercial or other business property owned
by an individual, association, or corporation, and located in a deteriorating
area, as provided by ordinance or resolution, 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.
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.
[Ord. 1036, 7/25/2016]
[Ord. 1036, 7/25/2016]
1.
The following shall apply to the designated area:
A.
The amount to be exempted from real estate taxes shall be limited
to that portion of the additional assessment attributable to the actual
cost of new construction or improvements to deteriorated property
in accordance with the exemption schedule established by this Part.
B.
The exemption from real estate taxes shall be limited to that improvement
for which an exemption has been requested in the manner set forth
in this Part and for which a separate assessment has been made by
the Montgomery County Board of Assessment Office.
[Ord. 1036, 7/25/2016]
1.
The following shall apply to the designated area:
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
|
80%
| |
|
Third
|
60%
| |
|
Fourth
|
40%
| |
|
Fifth
|
20%
|
|
After the 5th year, the exemption shall terminate.
|
B.
If an eligible property is granted a tax exemption pursuant to this
Part, 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 Part shall be upon the
property and shall not terminate upon the sale or exchange of the
property.
D.
If the use of the property at the time the exemption is granted is
modified, terminated or changed during the five-year period which
in any way would have affected the exemption if the property had been
so used when the exemption was granted, then at the election of the
Borough, the exemption shall terminate as of the date the use was
modified or terminated or the Borough determines that the continuation
of the exemption would be inconsistent with the purposes of this Part.
[Ord. 1036, 7/25/2016]
1.
Any person desiring tax exemption under this Part shall notify the
Manager and Treasurer of the Borough, as well as the Business Manager
of the Hatboro-Horsham School District and the appropriate official
of the county, in writing, on a form provided to the applicant at
the time a building permit is secured for new construction or an improvement,
or if no building permit or other notification of new construction
or improvement is required, at the time construction commences. A
copy of the exemption request shall be forwarded to the Montgomery
County Board of Assessment Office. The Montgomery County Assessor
shall, upon notice by the applicant and after completion of the new
construction or improvement, assess separately the new construction
or improvement and calculate the amount of the assessment eligible
for tax exemption in accordance with the limits established by this
Part 6 and shall notify the taxpayer, the Borough, the county and
the school district of the reassessment and the amount of the assessment
eligible for the exemption. Appeals from the reassessment and the
amount eligible for the exemption may be taken by the taxpayer or
the local taxing authority as provided by law.
2.
The cost of new construction or improvements to be exempted and the
schedule of taxes exempted existing at the time of the initial request
for tax exemption shall be applicable to that exemption request, and
subsequent amendments to this Part 6, if any, shall not apply to requests
initiated prior to their adoption.
3.
Any property with a tax delinquency is not eligible for the relief
set forth in this Part.
[Ord. 1036, 7/25/2016]
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 Borough Treasurer shall discontinue the LERTA exemption.
