Local Economic Revitalization Tax Assistance Program
An Opportunity for Qualified Participants to Develop, Revitalize & Save!
Under the provisions of the City of Altoona Ordinance No. 5797 adopted by Altoona City Council on December 5, 2022 a city-wide LERTA program is available as tax incentive for the rehabilitation and development of qualified business property and qualified residential dwelling units within the City limits of the City of Altoona. The purpose of the program is to encourage property improvements and eliminate blight.
How Does LERTA Work?
If you are a city taxpayer you may be eligible for tax exemption and can apply for LERTA by following the LERTA Exemption Process outlined in the attachment provided.
In each deteriorated area and/or neighborhood - business improvements, residential improvements and residential construction are exempt from City of Altoona real property tax - as provided for in the following schedule.
|For the remainder of the year the improvement is completed and otherwise taxable and the|
1st complete fiscal year thereafter
|100% of the eligible assessment is exempt|
|2nd complete fiscal year||80% is exempt|
|3rd complete fiscal year||60% is exempt|
|4th complete fiscal year||40% is exempt|
|5th complete fiscal year||20% is exempt|
|After the 5th complete fiscal year||The exemption terminates|