There is hereby created in the Township of Florence
a Home Improvement Tax Abatement Program.
Pursuant to the provisions of N.J.S.A. 54:4-3.72
et seq., as amended and supplemented, in determining the value of
real property for the purposes of taxation throughout the Township
of Florence, the first $10,000 in the Tax Assessor's full and true
value of home improvements for each dwelling unit primarily and directly
affected by a home improvement in a single-dwelling property more
than 20 years old shall not increase the value of such property for
a period of five years, 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 through damage by the elements sufficient
to warrant a reduction, be less than the assessment thereon existing
immediately prior to such home improvements.
No exemption shall be granted or allowed except
upon written application therefor filed with the Tax Assessor of the
Township of Florence. Action by the Tax Assessor on such application
shall be in compliance with N.J.S.A. 54:4-3.72 et seq., together with the standards, guidelines, rules and regulations
promulgated by the Commissioner of the Department of Community Affairs.