Every building constructed in the Glenmaura Corporate Center receives a 10 year, 100% real estate tax abatement on improvements via the LERTA Program.
Tax Incentives
This abatement program was approved by the County of Lackawanna, the Riverside School District Board and the Borough of Moosic.
For illustration purposes, a tax rate of $2.00 per square foot was used for the first year for a 100,000 sq. ft. building. The tax savings examples below show modest annual increases thereafter for a ten year period. Actual real estate taxes may vary depending upon the cost of construction required to meet a tenant’s exact specifications.
| Year | Tax Rate | Abatement | Property Tax Due On Improvements | Property Tax Savings |
|---|---|---|---|---|
| 1 | 2.00 | 100% | 0.00 | $200,000 |
| 2 | 2.02 | 100% | 0.00 | $202,000 |
| 3 | 2.04 | 100% | 0.00 | $204,000 |
| 4 | 2.06 | 100% | 0.00 | $206,000 |
| 5 | 2.08 | 100% | 0.00 | $208,000 |
| 6 | 2.10 | 100% | 0.00 | $210,000 |
| 7 | 2.12 | 100% | 0.00 | $212,000 |
| 8 | 2.14 | 100% | 0.00 | $214,000 |
| 9 | 2.16 | 100% | 0.00 | $216,000 |
| 10 | 2.18 | 100% | 0.00 | $218,000 |