Council approved a motion Tuesday authorizing the borough solicitor and manager to amend the eligible zone for property tax abatement.
She said the borough already has an ordinance on file with the assessment office and the designated zone currently includes some eligible commercial and industrial properties. She said the map just needs to be amended.
Drewnowski said the program only gives a tax abatement on the dollar value of improvements made to the property on a sliding scale — not the entire property tax revenue amount. The school district also follows the tax abatement program.
“If someone would come in and buy a property where a building is torn down and redevelop it, in an effort to entice that, then you get a tax abatement for the first five years on the amount of the improvement to the property."
“The entire taxes wouldn’t be abated,” Drewnowski said.
After the fifth year, the property would be 100 percent taxable.