LERTA Program

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LOCAL ECONOMIC REVITALIZATION TAX ASSISTANCE (LERTA) PROGRAM

Any industrial, commercial, or business property owners that are contemplating repair, construction, or reconstruction of such property within the City of Franklin should be aware of the City’s LERTA Program. This program was adopted by Franklin City Council as a means of enticing development and/or the rehabilitation of deteriorated property within the City boundaries. Property owners can receive a prorated ten- (10) year tax break on the assessed valuation of the improvements to the real property, as follows:

· 100% tax exemption on the assessed value of the improvements for the 1st year.

· 90% tax exemption on the assessed value of the improvements for the 2nd year.

· 80% tax exemption on the assessed value of the improvements for the 3rd year.

· 70% tax exemption on the assessed value of the improvements for the 4th year.

· 60% tax exemption on the assessed value of the improvements for the 5th year.

· 50% tax exemption on the assessed value of the improvements for the 6th year.

· 40% tax exemption on the assessed value of the improvements for the 7th year.

· 30% tax exemption on the assessed value of the improvements for the 8th year.

· 20% tax exemption on the assessed value of the improvements for the 9th year.

· 10% tax exemption on the assessed value of the improvements for the 10th year.

· Tax exemption terminates thereafter.

Eligible property owners should complete the form below and submit it, along with a copy of the building permit, to the City’s Code Enforcement Officer as soon as the building permit is issued, but no later than thirty (30) days after the completion of the improvements.

LERTA Form

See also: Article 321 of the Codified Ordinances, Local Economic Revitalization Tax Assistance.