§ 4711-303. Exemption schedule; maximum exemption
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: February 28, 2003
Effective: February 28, 2003
72 P.S. § 4711-303
§ 4711-303. Exemption schedule; maximum exemption
(2) For the first year for which said newly-constructed dwelling unit or units would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; for the second year, ninety per cent of the eligible assessment shall be exempted; for the third through tenth years, eighty, seventy, sixty, fifty, forty, thirty, twenty, and ten per cent, respectively, of the eligible assessment shall be exempted; after the tenth year, the exemption shall terminate; or
(b) The exemption from taxes shall be limited to the assessment valuation attributable to the cost of construction of the new dwelling unit not in excess of the uniform maximum cost per dwelling unit specified by the municipal governing body. The exemption shall commence in the tax year immediately following the year in which the building permit is issued. No tax exemption shall be granted under the provisions of this article for the construction of any dwelling unit in excess of the uniform maximum cost specified by the municipal governing body.
Credits
1971, July 9, P.L. 206, No. 34, § 303, added 1977, Aug. 5, P.L. 167, No. 42, § 1, effective in 60 days. Amended 2000, Oct. 18, P.L. 613, No. 83, § 1, effective in 60 days; 2002, Dec. 30, P.L. 2085, No. 235, § 1, effective in 60 days.
72 P.S. § 4711-303, PA ST 72 P.S. § 4711-303
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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