[Ord. 451, 5/9/1977, § 1]
As used in this Part, the following words and phrases shall
have the meanings set forth below:
IMPROVEMENT
Repair, construction or reconstruction, including alterations
and additions, having the effect of rehabilitating a structure.
[Ord. 451, 5/9/1977, § 2]
1. Building permit for improvements under this Part shall be granted
by the Borough Engineer at the cost of $1 per permit. The building
permit shall indicate the nature of the improvements and the Borough
Engineer shall notify the Tax Collector of the exemption of such improvements.
The information to the Tax Collector shall set forth the following
information:
A. The date the building permit was issued for said improvements.
B. The type of improvements.
C. The cost of the improvement and such additional information as the
Tax Collector may require.
[Ord. 451, 5/9/1977, § 3]
The exemption shall be in force for a period of five tax years
and shall terminate thereafter.
[Ord. 451, 5/9/1977, § 4]
The exemption from taxes shall be limited to the additional
assessment valuation attributable specifically to the actual costs
of improvements to the residence and shall not be in excess of $10,000
per dwelling unit for improvements constructed under this Part. The
exemption from taxes shall be limited to that portion of the increased
assessment attributable to the improvement made under the provisions
of this Part. The date of the construction shall be deemed to be the
date of the issuance of the building permit.
[Ord. 451, 5/9/1977, § 5]
The exemption from taxes authorized by this Part shall be upon
the property exempted and shall not terminate upon the sale or exchange
of the property.