The following words and phrases when used in this article shall
have the following meanings:
COUNTY
County of Lycoming, Commonwealth of Pennsylvania.
DETERIORATED AREA
An area meeting the requirements of the Local Economic Revitalization
Tax Assistance Act, 72 P.S. Section 4722, et seq.
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, ordinance or regulations. Ordinary upkeep and maintenance
shall not be deemed an improvement and should not result in an increased
assessed value and taxation.
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.
LERTA
The Local Economic Revitalization Tax Assistance Act, the
Act of December 1, 1977, P.L. 237, No. 76, 72 P.S. Section 4722, et
seq.
The Borough Council determines that the lot identified in Attachment
1 hereto, which is incorporated herein as if fully set forth
at length, located in the Borough of Jersey Shore shall be the area
which contains and consists of property which is eligible for tax
exemption under this article. Additional eligible areas may be included
from time to time by ordinance of the Borough Council. The lot included
within the deteriorated area and subject to the benefits of this article
are as set forth in Attachment 1 hereto.
An application for exemption may be made at any time within
five years from the effective date of this article. All qualified
applications under this article are eligible for the entire seven-year
exemption schedule.
The Borough may, by ordinance enacted from time to time, extend
the time for filing an application for exemption. However, in no event
shall any one extension period exceed five years.
The exemption from the real estate taxes provided for herein
shall be forfeited by the taxpayer 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 shall discontinue the LERTA exemption.