The Mayor and Council hereby authorizes the utilization of tax
exemption in accordance with Article VIII, Section 1, Paragraph 6,
of the New Jersey Constitution and establishes the eligibility of
residential and multiple dwellings and commercial and industrial structures
for five-year tax exemptions to the maximum degree permitted by N.J.S.A.
40A:21-1 et seq. throughout the entire municipality.
Construction of new dwellings or the conversion of other buildings
and structures, including unutilized public buildings, to dwelling
use are eligible for tax exemption for a period of five years. If
approved, the Borough, in determining value, shall regard 30% of the
Assessor's full and true value of the dwelling constructed or
conversion alterations made as not increasing the value of the property.
This exemption is to be granted notwithstanding that the value of
the property upon which the construction or conversion occurs is increased
thereby.
Improvements to commercial and industrial structures are eligible
for tax exemption for a period of five years. If approved, the Borough,
in determining value, shall regard the Assessor's full and true
value of the improvements as not increasing the value of the property,
notwithstanding that the value of the property to which the improvement
is made is increased thereby. During the exemption period, the assessment
on the property shall not be less than the assessment thereon existing
immediately prior to the improvements, unless there is damage to the
structure through action of the elements sufficient to warrant a reduction.
An additional improvement, conversion or construction completed
to a property already granted an exemption during the period in which
the exemption is in effect shall be eligible for an additional exemption,
just as if such property had not received a previous exemption. The
additional improvement, conversion or construction shall be considered
as separate for purposes of calculating the exemption, except that
the assessed value of any previous improvement, conversion or construction
shall be added to the assessed valuation as it was prior to that improvement,
conversion or construction, for the purpose of determining the assessed
value of the property from which any additional exemption is to be
subtracted.
No exceptions shall be granted for any property for which property
taxes or any other municipal charges are delinquent or remain unpaid,
or for which penalties for nonpayment are due.
The Tax Collector shall include an appropriate notice in the
mailing of the annual property tax bills to each owner of a dwelling
located in an area in which exemptions may be allowed under this article.