For the purpose of taxation, the first $25,000 in 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 not increase the value of such
property for a period of five years, notwithstanding that the value
of the dwelling to which said improvements are made has 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 destruction through
action of the elements sufficient to warrant a reduction.
The above amounts up to $25,000 may be deducted from the amount
determined by the Assessor on October 1 of any year following the
determination of the completion 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 a period in which the
improved property is subject to the previously granted exemption in
an amount less than the maximum deduction permissible shall be qualified
for additional deduction privileges, under terms and conditions, however,
that in no tax year shall total deductions for any single property
exceed $25,000.
A taxing district desiring to seek the exemption to the above
shall file a written application with the Tax Assessor of Oaklyn pursuant
to the directions of N.J.S.A. 40A:21-1 et seq.
As used in this article, the following terms shall have the
meanings indicated:
Substantially ready for the use for which it was intended.
A 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 said building
or buildings are erected and which may be necessary for the fair enjoyment
thereof, but shall not mean a building or part of a building defined
as a "multiple dwelling" pursuant to P.L. 1967, c. 76.[1]
A modernization, rehabilitation, renovation, alteration or
repair of a dwelling which produces a physical change in the existing
building or structure that improves the safety, sanitation, decency
and attractiveness of the building or structure as a place for human
habitation, and which does not change its permitted use.
[1]
Editor's Note: See N.J.S.A. 55:13A-1 et seq.
