[Adopted 6-21-1961 (Ch. 83 of the 1971 Code)]
As provided in Chapter 9 of the Laws of 1961,[1] every person who is a citizen and resident of the State
of New Jersey for a period of three years immediately preceding October
1 of the pretax year, of the age of 65 or more years, having an income
not in excess of $5,000 per annum and residing in a dwelling house
owned by him or her which is a constituent part of his or her real
property, shall be entitled, on proper claim being made and allowed
therefor, to exemption from taxation on such real property to an assessed
valuation not exceeding $800 in the aggregate, but no such exemption
shall be in addition to any other exemption to which said person may
be entitled.
[1]
Editor's Note: See now N.J.S.A. 54:4-8.40.
Such exemptions claimed and allowed for the
year 1961 shall operate to reduce the taxable valuations for the year
1961 for the purpose of computing the amount of tax due upon such
properties for such year, and it is hereby determined that the financial
position of the taxing districts of the Borough of Palmyra for the
year 1961 will not thereby be impaired.
All applications for such exemptions for the
tax year 1961 may be filed on or before July 1, 1961, and all applications
for exemption in subsequent tax years may be filed on or before November
1 of the pretax year. Such applications shall be on forms prescribed
by the Director, Division of Taxation in the Department of the Treasury
of the State of New Jersey.
The Borough Tax Collector shall ascertain the
amount of the reduction in tax to which each claimant is entitled
for the year 1961 under the provisions of Chapter 9 of the Laws of
1961 and shall, on or before October 15, 1961, credit said amount
against the tax then remaining unpaid. If such credit shall exceed
the amount of the tax then unpaid for the year 1961, the Collector
shall, in the period beginning on October 15, 1961, through December
1, 1961, pay the amount of such excess, without interest, to the person
appearing as owner of the property on the Collector's tax duplicate
as of October 15, 1961.
