Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 18200.713. Real property tax

(a) General rule.--Notwithstanding the act of May 22, 1933 (P.L. 853, No. 155),  1 known as The General County Assessment Law, a qualified political subdivision shall, by ordinance or resolution, abate 100% of the real property taxation which is not dedicated to a school district on the assessed valuation of real property in an area designated as an economic development district for the period the real property is designated an economic development district beginning on or after January 1 of the tax years following the date the economic development district is designated. The real property tax abatement provided for in this subsection shall apply to all real property located in the economic development district, irrespective of the business activity, if any, made of the realty by its owner. No abatement may be provided to real property within the economic development district prior to designation of the real property as part of an economic development district.

(b) Annual real property report.--By January 31 each calendar year, a qualified political subdivision shall submit to the department a report listing the address of each real property designated part of an economic development district and its owner of record.

(c) Interest and penalties.--If the department or a qualified political subdivision finds that a person claimed an abatement of real property tax to which the person was not entitled under this act, the person shall be liable for the abated taxes and subject to the applicable interest and penalty provisions provided by law.

(d) Calculations for education subsidy for school districts.--In determining the market value of real property in each school district, the State Tax Equalization Board shall exclude any increase in value above the base value prior to the effect of the abatement of local taxes under this section to the extent and during the period of time that real estate tax revenues attributable to such increased value are not available to the school district for general school district purposes.