Section 4711-203 - Exemption Schedules; Maximum Exemption(a) A local taxing authority granting a tax exemption pursuant to the provisions of this article may provide for tax exemption on the assessment attributable to the actual cost of improvements up to the maximum cost per dwelling unit herein specified or up to any lesser multiple of one thousand dollars ($1,000). If a local taxing authority by ordinance or resolution specifies a lesser cost than the maximum provided by this act, such amount shall not be increased by any subsequent ordinance or resolution for a period of two years, nor shall the schedule of taxes exempted be changed for such period. Whether or not the assessment eligible for exemption is based upon a maximum cost or a lesser cost, the actual amount of taxes exempted shall be in accordance with one of the following schedules: (1) For the first year for which improvements would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; for the second year, ninety per cent of the eligible assessment shall be exempted; for the third through tenth years, eighty, seventy, sixty, fifty, forty, thirty, twenty, and ten per cent, respectively, of the eligible assessment shall be exempted; after the tenth year, the exemption shall terminate;(2) For the first year for which improvements would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; for the second year, eighty per cent of the eligible assessment shall be exempted; for the third through fifth years, sixty, forty, and twenty per cent, respectively, of the eligible assessment shall be exempted; after the fifth year, the exemption shall terminate;(3) For the first, second and third year for which improvements would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; after the third year the exemption shall terminate; or(4) For the first, second, third, fourth, fifth, sixth, seventh, eighth, ninth and tenth year for which improvements would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; after the tenth year the exemption shall terminate.(5) A local taxing authority may provide for tax exemption on the assessment attributable to the actual cost of construction of the dwelling unit in accordance with a schedule established by the taxing authority, provided that the exemption schedule does not exceed a period of ten years.(b) The exemption from taxes shall be limited to the additional assessment valuation attributable to the actual costs of improvements to deteriorated property. The date of the construction shall be the date of issuance of the building permit, improvement record or other required notification of construction. No tax exemption shall be granted under the provisions of this article for any improvements to any dwelling unit in excess of limitation set forth in this subsection.(c) The exemption from taxes authorized by this article shall be upon the property exempted and shall not terminate upon the sale or exchange of the property, unless otherwise provided in this article.1971, July 9, P.L. 206, No. 34, § 4, effective 1/1/1971. Renumbered as §203 and amended 1977 , Aug. 5, P.L. 167, No. 42, § 1, effective in 60 days. Amended 2000, Oct. 18, P.L. 613, No. 83, § 1, effective in 60 days; 2002, Dec. 30, P.L. 2085, No. 235, § 1, effective in 60 days.