The recitals set forth above are incorporated herein as if set
forth at length.
All terms utilized in this article not specifically defined
herein shall conform to the meanings set forth in the Act.
The Township hereby determines to utilize the authority granted
under Article VIII, Section I, Paragraph 6, of the New Jersey Constitution
to establish the eligibility of certain dwellings, commercial structures
and industrial structures for exemptions, as provided in this article
and as permitted by the Act, throughout the rehabilitation area.
The Township hereby determines that an additional improvement
or construction completed on a property already granted a previous
exemption pursuant to this article during the period in which the
previous exemption is in effect shall be eligible to qualify for an
additional exemption under the standards identified in this article.
The additional improvement or construction shall be considered as
separate for purposes of calculating the exemption, except that the
assessed value of any previous improvement or construction shall be
added to the assessed valuation as it was prior to that improvement
or construction for the purpose of determining the assessed value
of the property for which any additional exemption is to be subtracted.
No exemption shall be granted pursuant to this article with
respect to any property for which real estate taxes or other municipal
charges are delinquent or remain unpaid or for which penalties and
interest for nonpayment of taxes are due.
In the event that the Township implements a revaluation or reassessment
during the exemption period for any property, any exemptions granted
hereunder shall continue to apply but at a valuation level consistent
with the revaluation or reassessment.
The granting of an exemption for a particular property shall
not prejudice the right of the Township to appropriately examine and
revise the assessment during the five-year exemption period in the
event the assessment is found to be improperly valued and assessed.
Upon final passage and publication as provided by law, this
article shall take effect on March 1, 2015, and shall authorize the
Township to grant exemptions up to a five-year period. This article
shall lapse, unless readopted, on February 29, 2020, and no exemptions
shall be granted after February 29, 2020, without such readoption.