Section 3. Optional moratorium for certain real estate taxes.
(a) Exemption for reconstruction and repairs.--Local taxing authorities may, by ordinance or resolution, exempt from real property taxation the assessed valuation of reconstruction or repairs made to properties damaged or destroyed by the blizzard of January 1996 or the resulting flood. The exemption shall be limited to the additional assessment valuation attributable to the actual costs of reconstruction or repairs on the damaged or destroyed property.
(b) Exemption schedule.--For the first year for which such reconstruction or repairs would otherwise be taxable, 100% of the eligible assessment shall be exempted, for the second year, 50% of the eligible assessment shall be exempted, and, for the third year, 25% of the eligible assessment shall be exempted. After the third year, the exemption shall terminate. No property shall be eligible for tax exemption under this section unless reconstruction or repairs are begun within five years of the date of the blizzard of January 1996 or the resulting flood.
(c) Termination upon transfer.--The exemption from taxation authorized by this section shall terminate upon the sale or exchange of the property.
(d) Notice.--Local taxing authorities shall publish notice of the moratorium on taxation attributable to increases in assessed valuations due to reconstruction or repairs as required herein. The notice shall appear on at least two occasions in a newspaper of general circulation within the affected areas within 60 days of the adoption of the ordinance or resolution authorized under subsection (a).