Section 5. Exemption schedule.
(a) Amount of exemption.--A local taxing authority granting a tax exemption pursuant to this act may provide for tax exemption on the assessment attributable to the actual cost of improvements or up to any maximum cost uniformly established by the local taxing authority. The maximum cost shall apply uniformly to all eligible unimproved residential property within the local taxing authority jurisdiction.
(b) Schedule of taxes.--Whether or not the assessment eligible for exemption is based upon actual cost or a maximum cost, the actual amount of taxes exempted shall be in accordance with the schedule of taxes exempted established by the local taxing authority, subject to the following limitations:
(1) The length of the schedule of taxes exempted which
shall be known as the abatement period shall not exceed two
years.
(2) The schedule of taxes exempted shall stipulate the
portion of improvements to be exempted each year.
(3) The exemption from taxes shall be limited to the
additional assessment valuation attributable to the actual
cost of improvements to the property or not in excess of the
maximum cost per unit established by the local taxing
authority.