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 multiple-dwelling structure more than
20 years old and the verification of the multiple-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 multiple-dwelling
structure for a period of five years.
The Tax Assessor, upon the timely receipt of
the proper application for a commercial or industrial structure and
the verification of the property owner of the information contained
therein, shall, in determining the value of the real property, regard
the first $50,000 of true value of construction and/or improvements
as not increasing the taxable value of the commercial or industrial
structure 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.
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 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.