[Adopted 4-10-1980 by Ord. No. 31-1980]
As used in this article, the following terms shall have the
meanings indicated:
Substantially ready for the use for which it was intended.
Any 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.
The improvement of a dwelling which does not change its permitted
use, and shall include the modernization, rehabilitation, renovation,
alteration or repair of a dwelling.
[Amended 10-22-1981 by Ord. No. 67-1982]
A.
The first $25,000 in the Assessor's full and true value of home improvements
for each dwelling unit primarily and directly affected by a home improvement
in any single or multiple-dwelling property more than 20 years old
and located in any area throughout the City of Atlantic City shall
be exempt from taxation for a period of five years.
[Amended 8-9-2006 by Ord. No. 64-2006; 1-24-2007 by Ord. No.
93-2006]
B.
During the above-mentioned five-year period, the assessment on such
dwelling shall in no case, except that of damage through action of
the elements sufficient to warrant a reduction, be less than the assessment
thereon existing immediately prior to such home improvements.
Such tax abatements may be made from the amount determined by
the Assessor on October 1 of any year following the date of the completion
of the improvement to be true taxable value of the improvement and
shall continue to be treated for each of the five tax years subsequent
to the original determination by the Assessor.
There shall be included a notice, as shall be supplied by the
Department of Community Affairs, in the mailing of the annual property
tax bill to each owner of residential property, including multifamily
housing, during the first year following adoption of this article.
The N.J.A.C. 5:22-1.1 et seq. regulations concerning tax abatement
on added assessments are hereby adopted and incorporated herein as
if fully stated.
