The City of Paterson hereby determines to utilize the "opt-in"
authority granted by P.L. 2013, c. 161 (N.J.S.A. 52:27D-489s) to establish
the eligibility of improvements to real property within the City for
exemptions. The said opt-in shall be construed as a complete opt-in,
such that any rights and duties that the said statute mandates shall
be deemed adopted herein as well.
Pursuant to the authorization contained in N.J.S.A. 52:27D-489s,
the Assessor shall be authorized to grant exemptions for improvements
to real property in the City that are made after the effective date
of this article. The owner of eligible property must obtain a final
certificate of occupancy on or before September 18, 2023.
Upon the expiration of the tax exemption authorized pursuant
to this article, the project shall be subject to all applicable real
property taxes, as provided by state laws and regulations and local
ordinances, provided that nothing herein shall be deemed to prohibit
the project or improvement at the termination of the agreement from
qualifying for and receiving the full benefits of any other tax preference
provided by law.
The exemption of real property taxes provided by the City pursuant
to this article shall apply to property taxes levied for municipal
purposes, school purposes, county government purposes and for the
purpose of funding any other property tax exemptions.