[Adopted 6-3-1980 by Ord. No. 2280-40]
[Amended 8-4-1987 by Ord. No. 2479-87; 3-2-1993 by Ord. No. 2674-93]
The Mayor and Council hereby provides for tax
abatement on residential improvements, pursuant to the provisions
of P.L. 1991, c. 441,[1] as amended and supplemented, providing for the exemption
from real property taxation of improvements at a level not to exceed
the first $15,000 in the Assessor's full and true value of home improvements
in any dwelling unit more than 20 years old and shall regard such
improvements as not increasing the value of such property for a period
of five years from the date of approval, by the Assessor, of a proper
application as provided by law.
[1]
Editor's Note: See N.J.S.A. 40A:21-1 et seq.
[Amended 12-27-1995 by Ord. No. 2750-95]
All applications for exemption under § 112-12 shall be filed no later than December 31, 1995, excepting those applications filed on or before June 30, 1996, for which building permits have been issued prior to January 1, 1996. No applications for exemptions under this article shall be accepted by the Borough of Rutherford after said date, it being the determination of the borough to repeal the tax abatement program on residential improvements effective January 1, 1996. All tax exemptions approved by the Assessor prior to the expiration date shall remain in effect for a period of five years from the date of approval.
