The terms defined in N.J.S.A. 40A:21-1 et seq.
shall have the same meanings when used in this article.
The Tax Assessor, upon the timely receipt of
the proper application for a residential dwelling property more than
20 years old and the verification of the residential dwelling property
owner of the information contained therein, shall, in determining
the value of the real property, regard the first $25,000 of true value
of the improvements as not increasing the taxable value of the residential
dwelling property for a period of five years.
During said exemption period, the assessment
on the property shall not be less than the assessment thereon existing
immediately prior to the improvements unless there is damage to the
dwelling through the action of the elements sufficient to warrant
a reduction.
In addition to any exemption granted hereunder,
the Tax Assessor shall also provide an abatement of the assessed value
of the property receiving the improvement, as it existed immediately
prior to the improvement. Said abatement shall not exceeding 30% of
the amount of the exemption for five years.
No exemption shall be granted or allowed except
upon written application therefor filed with the Tax Assessor of the
Borough of Palmyra. Action by the Tax Assessor on such application
shall be in compliance with the applicable laws of the State of New
Jersey together with the standards, guidelines, rules and regulations
promulgated by the Commissioner of the Department of Community Affairs.
Applications filed pursuant to this article shall, if approved, take
initial effect for the first tax year after the application is filed.
No tax abatement or exemption shall be granted
with respect to any property for which property taxes are delinquent
or remain unpaid or for which penalties for nonpayment of taxes are
due.