[Adopted 1-15-2003 by Ord. No. 3667]
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This article is adopted pursuant to the authority
granted by Act No. 50 of 1998. The provisions of this Article shall
be construed pursuant to such statute, and are not intended to enlarge
the privileges contained therein.
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All eligible taxpayers subject to the payment
of real estate taxes to the Treasurer (Tax Collector) of the Township
of Lower Merion for the benefit of the Township of Lower Merion shall
be entitled to apply annually for the deferment of any increase in
such taxes over the rate of the real estate tax levy for the prior
year. A claimant is eligible for a tax deferral if the claimant and
the claimant's spouse have a household income not exceeding the maximum
household income eligibility limitations set forth in the Act of March
11, 1971 (P.L. 104, No.3, as amended), known as the Senior Citizens
Rebate and Assistance Act.[1]
[1]
Editor's Note: See 72 P.S. § 4751-1
et seq.
The annual real estate tax deferral granted
under this article is equal to the increase in real property taxes
upon the homestead of an eligible claimant. No tax deferral will be
granted if the total amount of deferred taxes, plus the total amount
of all other unsatisfied liens on the homestead of the claimant, plus
the outstanding principal on any and all mortgages on the homestead,
exceeds 85% of the market value of the homestead, or if the outstanding
principal on any and all mortgages on the homestead exceeds 70% of
the market value of the homestead. The property's market value is
that amount equal to the assessed value divided by the common level
ratio, as most recently determined by the State Tax Equalization Board
for Montgomery County, Pennsylvania.
The Finance Director of Lower Merion Township
is authorized to establish rules and Regulations not inconsistent
with the enabling statute for the administration of the program authorized
by this article.
This article shall apply to all eligible real
estate tax taxpayers for the year of 2003 and for each year thereafter.
