Pursuant to the authorization contained in N.J.S.A. 52:27D-489s,
the City Tax Assessor shall be authorized to grant exemptions for
improvements to real property in the City that are made after the
effective date of this article. The owner of eligible property must
obtain a final certificate of occupancy on or before September 18,
2023.
Upon the issuance of a certificate of occupancy, or temporary
certificate of occupancy, in determining the value of real property,
the City Tax Assessor shall regard up to the Assessor's full and true
value of the improvements constructed after September 18, 2013, as
not increasing the value of the property for 10 years when the property
is owned by a Garden State Growth Zone Development Entity, and for
five years for all other property owners. A Garden State Growth Zone
Development Entity shall provide to the City Tax Assessor proof that
it qualifies as such entity prior to the issuance of a temporary certificate
of occupancy.
Upon the expiration of the tax exemption authorized pursuant
to this article, the project shall be subject to all applicable real
property taxes, as provided by New Jersey laws and regulations and
local ordinances, provided that nothing herein shall be deemed to
prohibit the project or improvement at the termination of the agreement
for tax exemption from qualifying for and receiving the full benefits
of any other tax preference provided by law.
The exemption of real property taxes provided by the City pursuant
to this article shall apply to property taxes levied for municipal
purposes, school purposes, county government purposes and for the
purpose of funding any other property tax exemptions.