Pursuant to the authorization contained in the Five Year Exemption
and Abatement Law, N.J.S.A. 40A:21-1 et seq., and subject to the limitations
contained therein, the City of Camden hereby authorizes five-year
exemption and abatement programs for commercial and industrial properties
throughout the City of Camden.
Application for five-year tax abatements shall be made on the
form prescribed by the Director of the Division of Taxation and filed
with the Assessor no later than 30 days following the completion of
the improvement, conversion, alteration or construction for which
the exemption or abatement is sought. The Assessor shall review the
application to determine whether said application is complete and
consistent with the terms of this article. Upon the completion of
this review, the Assessor shall forward said application to City Council
for action.
Upon receipt of the application for abatement, City Council
shall approve or disapprove a tax agreement for the project described
in the application. City Council's failure to approve an application
within 60 days of its submission by the Assessor shall be deemed to
be a rejection of the application; provided, however, that Council
may, by resolution, extend the period for approval or disapproval.
Exemptions for which may be granted for improvements (as defined
in N.J.S.A. 40A:21-3n) to all industrial or commercial structures
in the City may be granted by the Assessor as provided in N.J.S.A.
40A:12-7 after review of the application and inspection of the property.
As provided by state law, the improvements for which an exemption
may be granted include an enlargement of an existing structure by
no more than 30%.
New construction of commercial or industrial structures may
be exempted or abated pursuant to a tax agreement for the project,
approved by City Council, by ordinance. The agreement may provide
for a payment in lieu of full property taxes either on a cost basis,
a gross revenue basis or a tax phase-in basis as described in N.J.S.A.
40A:21-10.