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Business Incentives


LERTA

LERTA is the Local Economic Revitalization Tax Assistance Act (“LERTA”), Act No. 1977-76, an ordinance of Pike County Pennsylvania that authorizes local taxing authorities to exempt from real property taxation within certain limitations, the assessed valuation of improvements to, and new construction of, industrial, commercial, and other business property in areas designated for such purpose by the governing body of the appropriate city, borough, incorporated town, or township thereby providing an exemption on the assessment attributable to the actual cost of such new construction or improvements.

The program applies to existing as well as new business activity. Further, this program of tax abatements is designed to keep Pike County competitive with neighboring states and counties in our region in attracting new business activity.

This program provides for substantial prospective real property tax abatements (or improvements) for a period of five years after a new enterprise expands or builds new. A summary of the abatement program that applies to real property improvements only and not to an existing ratable is as follows;

Program Outline:

This five (5) year abatement program was developed to assist industries and businesses locating or expanding in Pike County. The Plan is structured to reduce the real estate taxes based on only three (3) conditions:

1. On New Building Construction; and/or

2. Major Restoration to Existing Real Estate which will Result in an Increased Real Estate Assessment.

3. Municipalities must designate the area where Tax Abatement applies

 

The Pike County Tax Preferential Five (5) Year Plan applies to the following percentages on the improvements only:

Year 1 90% Reduction Collection of 10% of Real Estate Tax

Year 2 80% Reduction Collection of 20% of Real Estate Tax

Year 3 60% Reduction Collection of 40% of Real Estate Tax

Year 4 40% Reduction Collection of 60% of Real Estate Tax

Year 5 20% Reduction Collection of 80% of Real Estate Tax

Year 6 Full Assessment Collection of 100% of Real Estate Tax

The Pike County Economic Development Authority encourages companies to utilize the Pike County Preferential Tax Assessment Plan and is available to assist you in securing the benefits of the Program.

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    MEETING SCHEDULE
    PIKE COUNTY ECONOMIC DEVELOPMENT AUTHORITY
    2015
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