Reading has renewed a tax abatement program intended to encourage development and improvements to properties in the city.<\/p>\n
City Council on Monday approved a 10-year extension of the city\u2019s Local Economic Revitalization Tax Assistance program, commonly known as LERTA.<\/p>\n
Managing Director Jack Gombach described LERTA during an Aug. 10 meeting as a standard tax abatement program used to encourage economic development.<\/p>\n
The program, first adopted by the city in 1985 and extended three times since, provides temporary property tax relief on increases in assessed value resulting from new construction or improvements.<\/p>\n
The city\u2019s previous LERTA authorization expired last year.<\/p>\n
The program exempts taxes on the increased assessment from qualifying construction or improvements for 10 years, starting at 100% the first year and declining by 10 percentage points annually.<\/p>\n
The abatement applies only to the increase in a property\u2019s assessment resulting from the improvements, meaning property owners continue to pay taxes on the property\u2019s existing assessed value.<\/p>\n
Gombach said renewing the city\u2019s program also is necessary for Berks County to offer its LERTA tax abatement for projects within Reading.<\/p>\n
\u201cThe reason why we need this passed is so that the county can also offer its LERTA for city projects,\u201d he said.<\/p>\n
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