This article shall be known as the "Home Improvement
Tax Exemption Program for the Southeast Quadrant."
As used in this article, the following terms
shall have the meanings indicated:
ASSESSOR
The Assessor of the Borough of Metuchen charged with the
duty of assessing real property for the purpose of general taxation.
COMPLETION
Substantially ready for the use for which it was intended.
On or before October 1 of any year following the date of the completion
of the improvement, the Assessor shall determine the true taxable
value of the improvement.
DWELLING
Each residential living unit within a one- or two-family
building or part of a building used, to be used or held for use as
a home or residence, including accessory buildings located on the
same premises, together with the land upon which such building or
buildings are erected and which may be necessary for the fair enjoyment
thereof. A dwelling shall include individual residences within a horizontal
property regime or a condominium, to the extent allowed by N.J.S.A.
40A:21-3(k).
[Amended 9-15-1997 by Ord. No. 97-20]
EXEMPTION
Any portion of the Assessor's full and true value of any
improvement not regarded as increasing the taxable value of the property.
HOME IMPROVEMENT
The improvement of a dwelling which does not change its permitted
use and shall include modernization, rehabilitation, renovation, alteration
or repair of a dwelling.
SOUTHEAST QUADRANT
That neighborhood within the Borough lying to the south of
the railroad tacks formerly operated by the Lehigh Valley Railroad,
to the east of Main Street and extending in those directions to the
Borough line.
Taxpayers fulfilling the requirements set out in §
172-6 shall be exempted for a period of five years from any increase in their assessed taxable value arising from the first $25,000 of full and true increased value of the dwelling which results from home improvements made to that dwelling so long as the dwelling is more than 20 years old; and provided, however, that during the same period, the assessment on such dwelling shall in no case, except from damage of the elements, be less than the assessment thereon existing immediately prior to such home improvements.
Additional improvements completed during a period
in which the individual dwelling is subject to a previously granted
exemption in an amount less than the maximum exemption permissible
for each unit hereunder shall be qualified for an additional exemption
under the terms and conditions herein specified; provided, however,
that in no tax year shall the total deduction for any individual dwelling
exceed the maximum amount specified herein.
The exemption set forth in this article shall
be granted only to and for the taxpayer who owns the dwelling at the
time the home improvement is completed. Exempt status under this article
shall not be transferred if the dwelling is sold during the period
of exemption. A subsequent purchaser can qualify for a full separate
exemption under this article by making further home improvements on
the dwelling after title has been vested in him or her.