Under the provisions of the City of Corry Ordinance No. 1621, you may be eligible for a property tax exemption on your contemplated or planned improvement or new construction. A LERTA application may be obtained from the City of Corry and must be filed with the City at the same time as zoning and/or building permit application.
What is LERTA?
Pennsylvania Act 76 of 1977 (P.L. 237; 72 P.S. § 4722) enacted the Local Economic Revitalization Tax Assistance program (“LERTA”), which enables municipal authorities to create ordinances temporarily exempting the payment of certain real estate taxes. The purpose of this tax exemption structure is to encourage economic development in the City of Corry by allowing property owners to continue paying the property’s current taxes for a set amount of time, rather than the increased tax that would result from new construction and improvements. Properties that qualify for LERTA but do not see an immediate increase in local real estate taxes based upon the value of improvements made to the property. By not immediately taxing the property owner on these new improvements, the City affords property owners the ability to reclaim the money used for redevelopment and to encourage investment into further renovations and improvements.
For more information please see attachments below: