[HISTORY: Adopted by the Mayor and Council of the Borough of Riverton: Art. I, 3-13-1997 by Ord. No. 2-97; Art. II, 3-13-1997 by Ord. No. 3-97. Amendments noted where applicable.]
[Adopted 3-13-1997 by Ord. No. 2-97]
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.
No exemption shall be granted or allowed except upon written application therefor filed with the Tax Assessor of the Borough of Riverton. 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.
[Adopted 3-13-1997 by Ord. No. 3-97]
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 Riverton. 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.