§ 3115. Property tax exemption schedule of real property.

295 words·~1 min read·/pa/title-72/chapter-31/3115

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A municipality and school district shall have the power and authority to grant property tax abatement, in accordance with this section, to properties leased to a microenterprise for one or more consecutive years and owned by an administrative entity. The following apply:

(1)For the first, second and third years for which the property would otherwise be taxable and is continually leased to the microenterprise, 100% of the eligible assessment shall be exempted.

(2)For the fourth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 90% of the eligible assessment shall be exempted.

(3)For the fifth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 75% of the eligible assessment shall be exempted.

(4)For the sixth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 60% of the eligible assessment shall be exempted.

(5)For the seventh year for which the property would otherwise be taxable and is continually leased to the microenterprise, 45% of the eligible assessment shall be exempted.

(6)For the eighth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 30% of the eligible assessment shall be exempted.

(7)For the ninth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 15% of the eligible assessment shall be exempted.

(8)For the tenth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 10% of the eligible assessment shall be exempted.

(9)After the tenth year of being continually leased to the microenterprise, the exemption shall terminate.

72c3116s