Thursday, December 13, 2012

Tax abatement in Newville; Local Economic Revitalization Tax Assistance Act

According to the Carlisle Sentinel, Newville Borough is considering a tax abatement program under Pennsylvania's Local Economic Revitalization Tax Assistance Act that would provide tax relief to property owners for improving their properties:
The act allows municipalities, school districts and counties to offer tax incentives for revitalization projects to attract land developers to an area.

If enacted, property owners would not pay taxes on changes to their home’s assessment for up to $40,000 of improvements over a period of three years.
The Act requires each taxing authority of a "deteriorated area" to designate, by local ordinance, the area eligible for tax abatement.  In Newville's case, Big Spring School District also has to approve the program. 

Similar programs are under consideration in Crawford County and Greencastle, Franklin County.

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