(a) General rule.--Notwithstanding the act of May 22, 1933 (P.L.853, No. 155),¹ known as The General County Assessment Law, and the act of May 21, 1943 (P.L. 571, No. 254),² known as The Fourth to Eighth Class County Assessment Law, each qualified political subdivision for taxable years beginning on or after January 1, 1999, shall by ordinance or resolution abate 100% of the real property taxation on the assessed valuation of deteriorated property in an area designated as a subzone within this Commonwealth. The real property tax abatement provided for in this section shall apply to all real property located in a subzone, irrespective of the business activity, if any, made of the realty by its owner, when this act is in effect. No abatement may be provided to deteriorated property prior to designation of the deteriorated property as part of a subzone.

(a.1) Expansion rule.--Notwithstanding The General County Assessment Law and The Fourth to Eighth Class County Assessment Law, each political subdivision for taxable years beginning on or after January 1, 2001, shall by ordinance or resolution abate 100% of the real property taxation on the assessed valuation of deteriorated property in an area designated as an expansion subzone within this Commonwealth. The real property tax abatement provided for in this section shall apply to all real property located in an expansion subzone, irrespective of the business activity, if any, made of the realty by its owner, when this act is in effect. No abatement may be provided to deteriorated property prior to designation of the deteriorated property as part of an expansion subzone.

(a.2) Improvement rule.--Notwithstanding The General County Assessment Law and The Fourth to Eighth Class County Assessment Law, each political subdivision for taxable years beginning after December 31, 2003, shall by ordinance or resolution abate 100% of the real property taxation on the assessed valuation of deteriorated property in an area designated as an improvement subzone. The real property tax abatement provided for in this section shall apply to all real property located in an improvement subzone, irrespective of the business activity made of the realty by its owner, when this act is in effect. No abatement may be provided to deteriorated property prior to designation of the deteriorated property as part of an improvement subzone.

(c) Deleted by 2000, Dec. 20, P.L. 841, No. 119, § 6, imd. effective.

(d) Annual real property report.--By January 31 of each calendar year, a political subdivision in which a subzone, improvement subzone or expansion subzone is located shall submit to the department a report listing the address of each real property designated a subzone, improvement subzone or expansion subzone and its owner of record.

(e) Interest and penalties.--If the department or a political subdivision finds that a person claimed an abatement of real property tax to which the person was not entitled under this act, the person shall be liable for the abated taxes and subject to the applicable interest and penalty provisions provided by law.

(f) Calculations for education subsidy for school districts.--In determining the market value of real property in each school district, the State Tax Equalization Board shall exclude any increase in value above the base value prior to the effect of the abatement of local taxes to the extent and during the period of time that real estate tax revenues attributable to such increased value are not available to the school district for general school district purposes.