[1975 Code § 104-1; Ord. No. 02-85]
The Borough hereby acknowledges having been duly designated as a "qualified municipality" pursuant to N.J.S.A. 54:4-3-72 et seq.
[1975 Code § 104-2; Ord. No. 02-85]
The entire Borough of Allentown is hereby designated as the area in which residential buildings may be eligible for tax exemption pursuant to N.J.S.A. 54:4-3-72 et seq.
[1975 Code § 104-3; Ord. No. 02-85]
All housing units which are in buildings at least 20 years old and which are otherwise eligible for tax exemption pursuant to N.J.S.A. 54:4-3-72 et seq., the regulations duly promulgated pursuant thereto and this section, shall have exempt from taxation the first $10,000 of otherwise taxable improvements for a period of five years following completion of such improvements.
[1975 Code § 104-4; Ord. No. 02-85]
No exemption of improvements from taxation shall be allowed except pursuant to Statute and to duly promulgated regulations of the Department of Community Affairs and the Division of Taxation.
[1975 Code 104-5; Ord. No. 02-85]
The Tax Assessor shall implement N.J.S.A. 54:4-3-72 et seq., as amended, in the Borough of Allentown and shall accept and receive applications for exemption of improvements from taxation and shall record such applications and retain them as a permanent part of the municipal tax records.
[1975 Code § 104-6; Ord. No. 02-85]
The Tax Collector shall, within a year of the adoption of this section, supply to each residential taxpayer a notice concerning the tax exemption program, which notice shall be in a form approved by the Department of Community Affairs.