(3) Neither the individual nor any other person with
whom the individual owns the property by joint tenancy,
tenancy in common or tenancy by the entireties is currently
claiming or otherwise receiving a reduction under this
section as to other property located in this Commonwealth.
Section 3. Application for reduction.
An individual may apply for the reduction allowed under
section 2 by filing, with the political subdivision that imposes
the tax, a notarized statement containing all of the following:
(1) The applicant's name, residential address and Social
Security number.
(2) A certification that the individual is 75 years of
age or older, currently resides on the property for which the
exemption is claimed and has resided on that property for at
least 10 consecutive years immediately prior to claiming the
reduction.
(3) The names and Social Security numbers of all other
owners of the property for which the reduction is claimed.
(4) A certification that no taxes are in arrears for the
property.
Section 4. Termination of reduction.
(a) General rule.--Except as provided under subsection (b),
the reduction allowed under section 2 shall be terminated, and
the tax and tax rate shall become current upon sale or transfer
of the property for which the reduction is in effect, including
a transfer under a recorded real property sales contract.
(b) Exception.--The reduction under section 2 shall not be
terminated under subsection (a) if the sale or transfer is to a
joint owner, tenant in common or tenant by the entireties who is
74 years of age or older at the time of the sale or transfer and
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