[Adopted 12-27-1979 by Ord. No. 1342 (Ch. 240, Art. III, of the 1996 Township
Code)]
The provisions and definitions of N.J.S.A. 54:4-3.72 et seq.
are hereby adopted to apply to the entire Township of Middletown.[1]
[1]
Editor's Note: See now N.J.S.A. 40A:21-1 et seq.
[Amended 8-4-1997 by Ord.
No. 97-2479]
In determining the value of real property for the purposes of
taxation, the first $10,000 in Assessor's full and true value
of home improvements for each dwelling unit primarily and directly
affected by a home improvement in any single- or multiple-dwelling
property more than 20 years old shall be regarded as not increasing
the value of such property for a period of five years, notwithstanding
that the value of the dwelling to which such improvements are made
is increased thereby; provided, however, that during said period,
the assessment on such dwelling shall in no case, except that of damage
through action of the elements sufficient to warrant a reduction,
be less than the assessment thereon existing immediately prior to
such home improvements.
Such amount may be deducted from the amount determined by the
Assessor on October 1 of any year following the date of the completion
of the improvement to be the true taxable value of the improvement
and shall continue to be so treated for each of the five tax years
subsequent to the original determination by the Assessor.
Additional improvements, completed during a period in which the improved property is subject to previously granted exemption privileges in an amount less than the maximum deductions permissible hereunder, shall be qualified for additional deduction privileges, under the terms and conditions herein specified; provided, however, that in no tax year shall this total deduction for any single property exceed the maximum amount specified in § 440-6 hereinabove.
No exemption authorized pursuant to the provisions of this article
shall be granted or allowed except upon written application filed
with and approved by the Assessor of the Township of Middletown. Every
such application shall be on a form prescribed by the Director of
the Division of Taxation, Department of the Treasury, and provided
for the use of claimants by the Township Committee and shall be filed
with the Assessor within 30 days, including Saturdays and Sundays,
following the completion of the improvement substantially ready for
the use for which it was intended. Every application for exemption
of one or more improvements which qualify as improvements and which
is filed within the time specified shall be approved and allowed by
the Assessor. The granting of any exemption shall be recorded and
made a permanent part of the official tax records of the Township
of Middletown, which record shall contain a notice of the termination
date of the exemption and the consequences of transfer of title.
The Tax Collector of the Township shall include a notice for
taxpayers describing the abatement program and the application procedure
therefor in the form prepared by the Department of Community Affairs
of the State of New Jersey in the mailing of annual property tax bills
to each owner of residential property in the Township during the first
year following the adoption of this article.
