[Adopted 12-13-2013 by Ord. No. 13-58]
Pursuant to the authorization contained in N.J.S.A. 52:27D-489s,
the City Tax 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 issuance of a certificate of occupancy, or temporary
certificate of occupancy, in determining the value of real property,
the City Tax Assessor shall regard up to the Assessor's full and true
value of the improvements constructed after September 18, 2013, as
not increasing the value of the property for 10 years when the property
is owned by a Garden State Growth Zone Development Entity, and for
five years for all other property owners. A Garden State Growth Zone
Development Entity shall provide to the City Tax Assessor proof that
it qualifies as such entity prior to the issuance of a temporary certificate
of occupancy.
A.
The required payments shall be made in quarterly installments according
to the same schedule as real property taxes are due and payable.
B.
In addition to the payments required in lieu of taxes, the owner
of the property granted an exemption pursuant to this article shall
be liable for all real property taxes assessed and levied against
the land on which the improvement is situated, as well as the value
of the improvements on the property in the last full tax years prior
to the issuance of the temporary certificate of occupancy.
C.
Failure to make the payments set forth in Subsection A or B of this section shall result in the termination of the exemption. In addition to the remedy set forth herein, the requirements imposed shall be enforced in the same manner as is provided for real property taxes pursuant to Title 54 of the Revised States of the State of New Jersey.
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 New Jersey 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
for tax exemption 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.
