An Act amending the act of December 1, 1977 (P.L.237, No.76), known as the Local Economic Revitalization Tax Assistance Act, further providing for title of act, for construction, for definitions, for deteriorated areas, for exemption schedule and for procedure for obtaining exemption; and providing for public registry.
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Local Economic Revitalization Tax Assistance Act to expand property tax exemptions for new construction and improvements in deteriorated areas of economically depressed communities. It clarifies definitions related to ‘deteriorated property,’ including converted residential portions and mixed-use buildings, and establishes a schedule for exemption lengths, with longer periods for properties including residential use. The bill also requires local taxing authorities to maintain a public registry of adopted ordinances related to these exemptions.
Key provisions
- Expands property tax exemptions for new construction and improvements in deteriorated areas.
- Clarifies definitions of ‘deteriorated property,’ including converted residential portions and mixed-use buildings.
- Establishes a schedule for exemption lengths: 10 years for non-residential construction and improvements, and 20 years for construction/improvements including residential use.
- Requires local taxing authorities to maintain a public registry of adopted ordinances related to property tax exemptions.
- Specifies criteria for designating deteriorated areas, referencing the Urban Redevelopment Law and the Neighborhood Assistance Act.
- Outlines a procedure for property owners to request tax exemptions, including notification requirements.
- Addresses the applicability of exemption schedules to initial requests and subsequent amendments.
- Requires the Department of Community and Economic Development to maintain a public registry of local taxing authorities with active exemptions.
Bill text
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Document of record
- Version
- Pn 1786 Html
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Sponsors
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6 on record
Primary sponsor
Patrick Stefano
Cosponsors
Daniel Laughlin
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