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 chapter,
words shall have the meanings as so defined unless a different meaning
is expressed.
The Borough hereby authorizes the utilization of tax exemption
and abatement in accordance with Article VIII, Section I, Paragraph
6, of the New Jersey Constitution and establishes the eligibility
of residential and multiple dwellings, commercial and industrial structures
for five-year tax exemptions and abatements as authorized by N.J.S.A.
40A:21-1 et seq., throughout the entire municipality, but only to
the extent set forth herein.
Improvements to dwellings more than 20 years old are eligible
for tax exemption. The first $25,000 in the Assessor's full and
true value of improvements for each such dwelling unit shall be regarded
as not increasing the value of the property for a period of five years,
notwithstanding that the value of the property to which the improvements
are 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
dwellings through action of the elements sufficient to warrant a reduction.
Improvements to multiple dwellings are eligible for tax exemption.
The Assessor's full and true value of the improvements shall
be regarded as not increasing the value of the property for a period
of five years notwithstanding that the value of the property to which
the improvements are made is increased thereby. During the exemption
period, the assessment on the property shall not be less than the
assessment existing thereon immediately prior to the improvement unless
there is damage to the multiple dwelling through action of the elements
sufficient to warrant a reduction. As used in this section, "improvements"
shall not be construed to include an increase in the number of dwelling
units.
Improvements to commercial and industrial structures are eligible
for tax exemption for a period of five years. Fifty percent of the
Assessor's full and true value of the improvements shall be regarded
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 existing thereon immediately
prior to the improvements, unless there is damage to the structure
through action of the elements sufficient to warrant a reduction.
Construction of new commercial and industrial structures shall
be eligible for tax exemption and abatement. Any such exemption and
abatement shall be subject to the owner and Borough entering into
a tax agreement as provided by N.J.S.A. 40A:21-10.
A. The applicant shall furnish to the municipality all information required
by N.J.S.A. 40A:21-9.
B. The tax agreement shall provide for the applicant to pay to the Borough
in lieu of full property tax payments an amount annually to be computed
by one, but in no case a combination of the three, formulas set forth
in N.J.S.A. 40A:21-10, i.e., the "Cost," "Gross revenue," or "Tax
phase-in" basis.
An additional improvement or construction, completed 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 and/or abatement, just as if such property had not
received a previous exemption or abatement. In such case, the additional
improvement or construction shall be considered as separate for the
purposes of calculating exemptions and 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.
No more than the first $25,000 in the Assessor's cumulative full
and true value of the initial and additional improvements for each
dwelling unit more than 20 years old shall be regarded as not increasing
the value of the property, notwithstanding that the value of the property
to which the improvements are made is increased thereby.
Every application for exemption or abatement and every exemption
and 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.
No exemption shall be granted pursuant to this chapter except
upon written application therefor filed with and approved by the Tax
Assessor on a form and in the manner as established in P.L. 1991,
c. 441.