SHARPSVILLE, Pa. -- Owners of commercial and industrial buildings in the borough may soon be getting a tax break on improvements they make to their property.
Borough council approved a 10-year property tax abatement plan Wednesday, but it must be approved by both the Sharpsville Area School District and the Mercer County commissioners before it takes effect.
The idea is to encourage commercial and industrial properties to improve or expand their facilities, said Councilman Gary Grandy, who spearheaded the abatement effort.
The plan provides a 100-percent abatement for five years on property taxes on the improvement or expansion only, not the entire property.
The abatement then decreases over the last five years, starting at 90-percent abatement in the sixth year, 70 percent in the seventh, 50 percent in the eighth, 30 percent in the ninth and 10 percent in the 10th.
In other business, council voted to sell about one acre it owns on High Street in a commercial district.
There have been some expressions of interest in the land, prompting the borough to offer it for sale to the highest bidder, said Jack Cardwell, council president.