Tax Abatement Incentive Tools Development and Redevelopment
Incentivizing investments in the NEPEDA Served Area for property development or redevelopment is available through tax abatements on the new appraised value of the completed investment. This incentive is used for new development, redevelopment of properties and the removal of deteriorated or blighted properties.
The “NEPEDA Served Areas” were the first municipalities and school district to enact these Ordinances in Potter County for incentivizing business / employment investments as well as residential investments for the improvement of the lifestyles of our communities.
Tax abatements are authorized under the Commonwealth of PA Statute called LERTA. LERTA is the acronym for Local Economic Revitalization Tax Assistance law. This law provides for Tax abatements on a graduated scale for the taxed assessed value increase over the pre-project assessed value for qualified investments. Applications must by approved for the local taxing agency for pre-qualified projects.
See following pages for the referenced LERTA Ordinance used in the “NEPEDA Served Area”.
Development and RedevelopmentSubPage2 -Reference LERTA Ordinance.docx