The definitions contained in N.J.S.A. 40A:21-3 are incorporated
herein by reference as if set forth at length. As used in this article,
words shall have the meanings as so defined unless a different meaning
is expressed.
The Borough hereby authorizes the utilization of tax abatements in accordance with Article
VIII, Section I, Paragraph 6, of the New Jersey Constitution and establishes the eligibility of commercial and industrial structures for five-year tax abatements to the maximum degree as authorized by N.J.S.A. 40A:21-1 et seq.
An additional improvement or construction, completed on a property
granted a previous abatement during the period in which such previous
abatement was in effect, shall be qualified for an abatement, just
as if such property had not received a previous abatement. In such
case, the additional improvement or construction shall be considered
as separate for the purposes of calculating abatements, 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 valuation
of the property from which any additional abatement is to be subtracted.
Every application for abatement and every abatement granted
shall be subject to all the provisions of N.J.S.A. 40A:21-1 et seq.,
and all rules and regulations issued thereunder.
All tax abatement agreements shall provide that the applicant
is subject to all federal, state, and local laws and regulations.
If during any tax year prior to the termination of the tax abatement
agreement, the applicant ceases to operate or disposes of the property
or otherwise fails to meet the conditions of eligibility, the tax
otherwise due if there had been no abatement shall become due and
payable by the property owner. The Tax Assessor shall notify the property
owner and the Tax Collector forthwith and the Tax Collector shall
within 15 days thereof notify the owner of the property of the amount
of taxes due. However, with respect to sale or other disposal of the
property where it is determined that the new owner of the property
will continue to use the property pursuant to the conditions which
were set forth in the tax abatement agreement, the abatement shall
continue.
In the event of default by the applicant, including but not
limited to the failure to make timely tax or in lieu of tax payments
to the municipality, the municipality shall notify the applicant,
in writing, of said default. The applicant shall have 30 days to cure
any default. Following the thirty-day cure period, the municipality
shall have the right to proceed against the property pursuant to the
In Rem Tax Foreclosure Act, N.J.S.A. 54:4-1 et seq., and/or may cancel
the tax abatement agreement upon 30 days' notice to the applicant.
At the termination of a tax abatement agreement, a project shall
be subject to all applicable real property taxes as provided by state
law and local ordinance.
No abatement shall be granted, or tax agreement entered into,
with respect to any property for which property taxes or any other
municipal charges are delinquent or remain unpaid or for which penalties
for nonpayment are due for a period of at least one year, or for any
property not being used in conformance with local, state or federal
ordinance, regulation or statute.