Borough of Tarentum, PA Article XI Local Economic Revitalization Tax Assistance (LERTA) Exemption

[Adopted 8-18-2008 by Ord. No. 08-05]

§ 225-75 Qualified zones under LERTA.

Certain designated zones of the Borough, as described in Exhibit A attached hereto,[1] qualify as deteriorated properties under the provisions of LERTA.[2]

[1] Editor's Note: Exhibit A (LERTA) is included at the end of this chapter.

[2] Editor's Note: See 72 P.S. § 4722, Local Economic Revitalization Tax Assistance Act.

§ 225-76 Exemption granted.

The Borough hereby exempts property within the designated deteriorated areas described in Exhibit A from real property taxes, as more fully set forth in this article, based on the assessment attributable to new construction, as limited or defined more completely in 72 P.S. § 4722 et seq.

§ 225-77 Amount of exemption.

A. The exemption granted shall be the following percentages of real property tax upon the assessed valuation attributable to new construction or renovation of an existing building according to the following schedule:

	Year	Percentage of Real Property Tax
	One	100%
	Two	90%
	Three	80%
	Four	70%
	Five	60%
	Six	50%
	Seven	40%
	Eight	30%
	Nine	20%
	Ten	10%

B. The provisions hereof shall become effective on September 1, 2008, and their terms shall continue in effect without annual reenactment for a period of 10 years from the effective date and shall apply to any building permitted for construction or renovation at any time during that ten-year period.

§ 225-78 Exception.

There is no exemption granted upon the assessed valuation attributable to land.