§ 5020-205. Temporary tax exemption for residential construction
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs
72 P.S. § 5020-205
§ 5020-205. Temporary tax exemption for residential construction
(b) New single and multiple dwellings constructed for residential purposes and improvements to existing unoccupied dwellings or improvements to existing structures for purposes of conversion to dwellings, shall not be valued or assessed for purposes of real property taxes until (1) occupied, (2) conveyed to a bona fide purchaser or, (3) thirty months from the first day of the month after which the building permit was issued or, if no building permit or other notification of improvement was required, then from the date construction commenced. The assessment of any multiple dwelling because of occupancy shall be upon such proportion which the value of the occupied portion bears to the value of the entire multiple dwelling.
Credits
1933, May 22, P.L. 853, art. II, § 205, added 1970, July 29, P.L. 642, No. 216, § 1. Amended 1984, Oct. 11, P.L. 894, No. 175, § 1, imd. effective.
REPEALED IN PART
<Act 1933, May 22, P.L. 853, No. 155, known as The General County Assessment Law, 72 P.S. § 5020-1 et seq., is repealed insofar as it relates to second class A, third, fourth, fifth, sixth, seventh and eighth class counties. See now, 53 Pa.C.S.A. § 8801 et seq.>
72 P.S. § 5020-205, PA ST 72 P.S. § 5020-205
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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