[Ord. 635, 6/12/2008, § 1]
This Part shall be known as the "Wellsboro Borough Local Economic
Revitalization Tax Assistance (LERTA) Ordinance."
[Ord. 635, 6/12/2008, § 2]
As used in this Part:
DETERIORATED AREA
Those areas in the Borough of Wellsboro which are presently
zoned as Central Business, Commercial Manufacturing and Highway Commercial,
and those areas in the Borough which may, at some future date, be
determined to be deteriorated areas by resolution of the Wellsboro
Borough Council in accordance with the standards as set forth in the
LERTA.
DETERIORATED PROPERTY
Any industrial, commercial or other business property, owned
by an individual, association or corporation, and located in a "deteriorated
area," as hereinafter defined, 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.
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.
[Ord. 635, 6/12/2008, § 3]
There is hereby exempted from real property taxation the assessed valuation of improvements to deteriorated properties in the amounts and in accordance with the provisions and limitations set forth in §§
24-504 and
24-505, below.
[Ord. 635, 6/12/2008, § 4]
The tax exemption set forth in §
24-503 shall be limited to a tax exemption on the actual increase in assessed valuation attributable to the actual cost of the improvements, provided that such improvements are in compliance with all applicable laws, ordinances and regulations during the entire period of exemption.
[Ord. 635, 6/12/2008, § 5]
The following schedule of taxes exempted shall apply to all
properties satisfying the provisions and limitations hereinbefore
and hereinafter set forth:
Schedule 24-505-A
|
---|
Eligible Tax Year
|
Percentage of Tax Exemption on Eligible Assessment
|
---|
Year 1
|
90%
|
Year 2
|
80%
|
Year 3
|
60%
|
Year 4
|
40%
|
Year 5
|
20%
|
After year five the exemption shall terminate and the property
shall be taxed at 100% of the total assessment at the applicable property
tax rate then in effect.
|
[Ord. 635, 6/12/2008, § 6]
1. The exemption hereinbefore authorized shall be upon the property
exempted and shall not terminate upon the sale or exchange of the
property.
2. The cost of improvements to be exempted in 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, if any, shall not apply to requests initiated prior
to the adoption of such an amendment.
[Ord. 635, 6/12/2008, § 7]
Any person desiring a tax exemption pursuant to this Part shall
notify the Borough, or its designated officer, in writing on a form
provided by such office, at the time such person secures his building
permit, or if no building permit or other notification of improvement
is required in a particular instance, at the time of commencement
of construction.