The purpose of this chapter is to allow for exemptions and/or
abatement of taxes for dwellings, multiple dwellings, commercial and/or
industrial structures located in areas determined to be areas in need
of rehabilitation or redevelopment, for improvements, conversions
and/or construction of said structures.
Any abatement or exemption from taxation for the construction
of commercial, industrial or multiple-dwelling structures will require
an agreement between the property owner and the Borough which agreement
must be approved by the governing body by ordinance. The agreement
must provide for the property owner to pay the municipality lien of
full property tax payments and amount annually to be computed under
one of the formulas set forth in N.J.S.A. 40A:21-10(a) through (c).
Any additional improvement, conversion or construction on a
property granted a previous exemption or abatement during the period
in which such previous exemption or abatement is in effect shall be
qualified for an exemption or abatement just as if the property had
not received a previous exemption or abatement.
No exemption or abatement may be granted unless an application
on a form prescribed by the Tax Assessor is submitted by the property
owner within 30 days of the project being completed.