Section 4711-303 - Exemption Schedule; 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 construction of the new dwelling unit in accordance with one of the following schedules: (1) For the first, second and third year for which said newly-constructed dwelling unit or units would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; after the third year the exemption shall terminate;(2) For the first year for which said newly-constructed dwelling unit or units 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; or(3) For the first, second, third, fourth, fifth, sixth, seventh, eighth, ninth and tenth year for which said newly-constructed dwelling unit or units would otherwise be taxable, one hundred per cent of the eligible assessment shall be exempted; after the tenth year the exemption shall terminate.(4) A local taxing authority may provide for tax exemption on the assessment attributable to the actual cost of construction of the new 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 assessment valuation attributable to the cost of construction of the new dwelling unit not in excess of the uniform maximum cost per dwelling unit specified by the municipal governing body. The exemption shall commence in the tax year immediately following the year in which the building permit is issued. No tax exemption shall be granted under the provisions of this article for the construction of any dwelling unit in excess of the uniform maximum cost specified by the municipal governing body.(c) The exemption from taxes authorized by this article shall be upon the newly-constructed dwelling unit or units 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, §303, added 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.