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§ 3115. Property tax exemption schedule of real property

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 Pa.C.S.A. Taxation and Fiscal AffairsEffective: August 30, 2021

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 Pa.C.S.A. Taxation and Fiscal Affairs
Chapter 31. Microenterprise Assistance
Subchapter B. Microenterprise Loan Programs
Effective: August 30, 2021
72 Pa.C.S.A. § 3115
§ 3115. Property tax exemption schedule of real property
Currentness
A municipality and school district shall have the power and authority to grant property tax abatement, in accordance with this section, to properties leased to a microenterprise for one or more consecutive years and owned by an administrative entity. The following apply:
(1) For the first, second and third years for which the property would otherwise be taxable and is continually leased to the microenterprise, 100% of the eligible assessment shall be exempted.
(2) For the fourth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 90% of the eligible assessment shall be exempted.
(3) For the fifth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 75% of the eligible assessment shall be exempted.
(4) For the sixth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 60% of the eligible assessment shall be exempted.
(5) For the seventh year for which the property would otherwise be taxable and is continually leased to the microenterprise, 45% of the eligible assessment shall be exempted.
(6) For the eighth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 30% of the eligible assessment shall be exempted.
(7) For the ninth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 15% of the eligible assessment shall be exempted.
(8) For the tenth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 10% of the eligible assessment shall be exempted.
(9) After the tenth year of being continually leased to the microenterprise, the exemption shall terminate.

Credits

2021, June 30, P.L. 190, No. 37, § 1, effective in 60 days [Aug. 30, 2021].
72 Pa.C.S.A. § 3115, PA ST 72 Pa.C.S.A. § 3115
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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