Chalfont Borough Council adopted an ordinance this week enacting the state’s Local Economic Revitalization Tax Assistance Act (LERTA). This is designation is focused on fostering development in the mostly industrial, commercial and mixed-use zoning districts along Butler Avenue and Main Street.
Borough officials will be asking Bucks County and the Central Bucks School District to enact similar tax abatements for their respective property taxes in the borough.
Chalfont Borough property owners in the LERTA districts can apply for a five-year tax exemption on new construction. Property owners have to apply for the exemption within 60 days of applying for a building permit for any additions to their property. The exemption affects the tax assessed value of the improvements and is not a total exemption.
Learn more at the Chalfont Borough.