Section 9942-C - Real property tax(a) General rule.-- Notwithstanding the act of May 22, 1933 (P.L. 853, No. 155), known as The General County Assessment Law, and the act of May 21, 1943 (P.L. 571, No. 254), known as The Fourth to Eighth Class County Assessment Law, each qualified political subdivision for taxable years beginning after December 31, 2006, shall by ordinance or resolution abate 100% of the real property taxation on the assessed valuation of deteriorated property in an area designated as a strategic development area within this Commonwealth.(b) Application for tax abatement.--Any person requesting real property tax abatement pursuant to ordinances or resolutions adopted pursuant to this article shall notify each county or other designated assessment office granting such abatement in writing on a form provided by that assessment office within 30 days of the designation as a strategic development area or within 30 days of the transfer of ownership of the real property subject to abatement. A copy of the abatement request shall be forwarded by the county or other designated assessment office to the political subdivision.(c) Annual real property report.--Every strategic development area shall submit to the department an annual report by January 31 of each calendar year of all real property located in a designated strategic development area and the owners and addresses of that real property at any time during the preceding year.(d) Interest and penalties.--If the department or a political subdivision finds that a person claimed an abatement of real property tax to which the person was not entitled under this article, the person shall be liable for the abated taxes and subject to the applicable interest and penalty provisions provided by law.(e) Calculations for education subsidy for school districts.--In determining the market value of real property in each school district, the State Tax Equalization Board shall exclude any increase in value above the base value prior to the effect of the abatement of local taxes to the extent and during the period of time that real estate tax revenues attributable to such increased value are not available to the school district for general school district purposes.1971, March 4, P.L. 6, No. 2, art. XXIX-C, § 2942-C, added 2006, Nov. 20, P.L. 1385, No. 151, § 2, imd. effective.