[Adopted 11-7-1978 by Ord. No. 392; amended in its entirety 12-2-1993 by Ord. No. 610 (Ch.
89, Art. II, of the 1973 Borough Code)]
In determining the value of real property for the purpose of
taxation, the first $15,000 in the 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. In no event, however, shall the assessment during
that period be less than the assessment thereon existing immediately
prior to such home improvements, unless there shall be damage through
action of the elements sufficient to warrant a reduction.
The above amounts up to $15,000 shall be deducted from the amount
determined by the Assessor on October 1 of any year, following the
completion of the improvements, to be the true taxable value of the
improvements 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 the period in which
the improved property is subject to the previously granted exemption
privileges in an amount less than the maximum deduction permissible,
shall be qualified for additional deduction privileges under terms
and conditions herein specified; provided, however, that in no tax
year shall the total deductions for any single property exceed $15,000.
A claimant desiring to seek the exemption to the above shall
file a written application with the Tax Assessor of Mount Ephraim
pursuant to the directions of P.L. 1991, c. 441 (N.J.S.A. 40A:21-1
et seq.).
For the purposes of this article, the following definitions
shall apply:
Substantially ready for the use for which it was intended.
Any building or part of a building used, to be used or held
for use as a home or residence, including accessory buildings located
on the same premises, together with the land upon which such building
or buildings are erected and which may be necessary for the fair enjoyment
thereof.
The improvement of a dwelling which does not change its permitted
use and shall include the modernization, rehabilitation, renovation,
alteration or repair of a dwelling.
