The Township of Riverside, subject to required county and state approvals, is hereby acknowledged as a qualified municipality under Public Law 1975, Chapter
104, Tax Abatement on Added Assessments.
The entire Township of Riverside is designated to participate
in said tax abatement on added assessments legislation.
[Amended 2-27-1995 by Ord. No. 1995-4; 11-29-1999 by Ord. No.
1999-9, 4-27-2005 by Ord. No. 2005-09; 5-18-2009 by Ord. No.
2009-04]
A. All dwellings, multiple dwellings, commercial and industrial structures
20 years or older shall have exempt from taxation the first $25,000
of improvements per structure for a period of five years. An application
for exemption must be filed with the Tax Assessor within 30 days of
the completion of the improvements, as indicated by the final building
inspection, not upon issuance of the certificate of occupancy. The
amounts are as follows:
[Amended 10-19-2009 by Ord. No. 2009-10]
B. All newly constructed single-family dwellings, with the exception
of any dwellings constructed on the blocks and lots enumerated in
Appendix A, that have obtained a certificate of occupancy by September 30 of the given calendar year shall have exempt from taxation the amounts enumerated below on the structure only for a period of five years, after which time the total assessed value will be taxed. Any improvements to the same structure within this five-year period will not be eligible for additional exemptions, as indicated in Subsection
A of this section. An application for exemption must be filed with the Tax Assessor within 30 days of the date of the certificate of occupancy. The amounts are as follows:
[Added 5-18-2009 by Ord. No. 2009-04]
A. Improvements enjoying the benefit of the exemption under §
395-9A shall specifically include any alteration of or addition to an existing dwelling, commercial and industrial structure.
B. Improvements enjoying the benefit of the exemption under §
395-9B shall specifically include the construction of a new single-family structure.
The property tax abatement procedure of the Township of Riverside
shall be as provided by statute and by administrative regulation of
the Department of Community Affairs.
The Board of Assessors of the Township of Riverside shall implement
the application of such law in the Township of Riverside and shall
accept and receive applications for exemption of such improvements
as qualify and shall record such applications and make them a permanent
part of the official tax records of the Township of Riverside. The
Board of Assessors shall within a year of the adoption of this article
supply to each residential taxpayer with an informational flyer in
a form approved by the Department of Community Affairs.