[Adopted 11-8-1978 by Ord. No. 1978-21 (Ch. 235, Art. III, of the 1995 Code)]
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.[1]
[1]
Editor's Note: Said reference is to N.J.S.A. 54:4-3.72 to 54:4-37.8, which was repealed by P.L. 1991, c. 441. See now N.J.S.A. 40A:21-1 et seq.
[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]
(1) 
Year one: 100%.
(2) 
Year two: 80%.
(3) 
Year three: 60%.
(4) 
Year four: 40%.
(5) 
Year five: 20%.
B. 
All newly constructed single-family dwellings, with the exception of any dwellings constructed on the blocks and lots enumerated in Appendix A,[1] 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:
(1) 
Year one: $50,000.
(2) 
Year two: $40,000.
(3) 
Year three: $30,000.
(4) 
Year four: $20,000.
(5) 
Year five: $10,000.
[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.