Any owner of Deteriorated Property making an Improvement to such property may apply for a tax exemption pursuant to this article pursuant to the following requirements:
(a) Any tax exemption granted under this article shall be limited to Improvements for which an exemption has been requested pursuant to the requirements of this article and for which a separate assessment has been requested and made by the Board.
(b) No tax exemption shall be granted under this article if the Improvement does not comply with all applicable ordinances and regulations of the Borough.
(c) If Deteriorated Property is damaged or destroyed by any cause or for any reason and the assessed valuation of such Deteriorated Property is reduced as a result of such damage or destruction, the tax exemption authorized by this article shall be limited to that portion of the assessed valuation attributable to any Improvement that is in excess of the original assessed valuation on the Deteriorated Property existing prior to such damage or destruction.
(d) The tax exemption under this article shall be limited to a period of five (5) years. The five-year exemption period will commence with the year in which an assessed valuation attributable to the Improvement is first imposed by the Board, whether such assessed valuation is based upon the completed Improvement or constitutes a partial assessment upon the Improvement prior to completion.
(e) The exemption shall be one hundred percent (100%) of the Borough’s real property taxation upon the assessed valuation attributable to the Improvement. There shall be no exemption of tax on the assessed valuation of Deteriorated Property other than for Improvements.
(f) The exemption authorized by this article shall be upon the Improvement to Deteriorated Property and shall not terminate upon the sale or exchange of the property.
(Ord. 2763. Passed 5-18-87.)
(Ord. 2763. Passed 5-18-87.)