[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Editor's Note: Chapter 104 of the Laws of 1975 was repealed by Chapter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:
The Tax Assessor of the Borough of South River.
Substantially ready for the use for which it was intended.
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.).
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.
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.
