[Adopted 5-23-1990 by Ord. No. 1990-31 (Ch. 176, Art. II, of the 1977 Code)]
The Borough of South River hereby acknowledges having been duly designated as a "qualified municipality" pursuant to P.L. 1975, c. 104, as amended and supplemented.[1]
[1]
Editor's Note: Chapter 104 of the Laws of 1975 was repealed by Chapter 441 of the Laws of 1991. See now N.J.S.A. 40A:21-1 et seq.
The entire Borough of South River is hereby designated as the area in which residential buildings may be eligible for tax exemption pursuant to P.L 1975, c. 104, as amended and supplemented.
As used in this article, the following terms shall have the meanings indicated:
ASSESSOR
The Tax Assessor of the Borough of South River.
COMPLETION
Substantially ready for the use for which it was intended.
DWELLING
Any building or part of a building used, to be used or held for use as a home or residence, including accessory buildings located on the same premises, together with the land upon which such building or buildings are erected and which may be necessary for the fair enjoyment thereof, but shall not mean any building or part of a building defined as a "multiple dwelling" pursuant to the Hotel and Multiple Dwellings Law, P.L. 1967, c. 76 (N.J.S.A. 55:13A-1 et seq.). A "dwelling" shall include individual residences within a horizontal property regime or a condominium, but shall not include general common elements or common elements of such horizontal property regime or condominium as defined pursuant to the Horizontal Property Act, P.L. 1963, c. 168 (N.J.S.A. 46:8A-1 et seq.), or the Condominium Act, P.L. 1969, c. 257 (N.J.S.A. 46:8B-1 et seq.).
EXEMPTION
Any portion of the Assessor's full and true value of any improvement not regarded as increasing the taxable value of a property pursuant to § 306-4 of this article.
HOME IMPROVEMENT
The improvement of a dwelling which does not change its permitted use, and shall include the modernization, rehabilitation, renovation, alteration or repair of a dwelling.
In determining the value of real property for the purposes of taxation, the first $15,000 in Assessor's full and true value of home improvements for each dwelling unit which is primarily and directly affected by a home improvement in any dwelling more than 20 years old and which is otherwise eligible for a tax exemption pursuant to P.L. 1975, c. 104, as amended and supplemented, the regulations duly promulgated pursuant thereto and this article shall be regarded as not increasing the value of such property for a period of five years following completion of such improvements, notwithstanding that the value of the dwelling to which such improvements are made is increased thereby; provided, however, that during said period, the assessment on such dwelling shall in no case, except that of damage through action of the elements sufficient to warrant a reduction, be less than the assessment thereon existing immediately prior to such home improvements.
No exemption authorized pursuant to the provisions of this article shall be granted or allowed except upon written application therefor filed with and approved by the Tax Assessor. Every such application shall be on a form prescribed by the Director of the Division of Taxation, Department of the Treasury, and which shall be provided for the use of claimants by the Tax Office of the Borough of South River. The application shall be filed with the Tax Assessor within 30 days, including Saturdays and Sundays, following the completion of the improvement. Every application for exemption of one or more improvements which qualify as home improvements and which is filed within the time specified shall be approved and allowed by the Tax Assessor. The granting of any such exemption shall be recorded and made a permanent part of the official tax records of the taxing district, which record shall contain a notice of the termination date of the exemption and the consequences of transfer of title.
The Tax Collector shall, during the first year following the adoption of this article, include a notice, prepared by the Department of Community Affairs, which describes the exemption program and application procedure therefor, in the mailing of annual property tax bills to each owner of a dwelling located within the Borough of South River.