[Ord. #1340, § 1]
For the purpose of this section:
THE ACT
Shall mean the Five-Year Exemption and Abatement Law, N.J.S.A.
40A:21-1 et seq. enacted into law on or about January 18, 1992.
THE BOROUGH
Shall mean the Borough of Keansburg.
All other definitions shall be as contained in N.J.S.A. 40A:21-3.
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[Ord. #1340, § 5]
No exemption or abatement shall be granted pursuant to the Act
(L. 1991, c. 441) except upon written application therefor filed with
and approved by the Assessor of the Borough. Every application shall
be on a form prescribed by the Director of the Division of Taxation
in the Department of the Treasury, and provided for the use of claimants
by the Borough, and shall be filed with Assessor with 30 days, including
Saturday and Sunday, following the completion of the improvement,
conversion, alteration or construction. Every application for exemption,
or exemption and abatement, within the Borough which is filed within
the time specified, shall be approved and allowed by the Assessor
to the degree that the application is consistent with the provisions
of the adopting ordinance and the tax agreement, provided that the
improvement, conversion, alteration or construction pursuant to the
provisions of this Act and the tax agreement. The granting of an exemption,
or exemption and abatement, or tax agreement shall be recorded and
made a permanent part of the official tax records of the Borough,
which record shall contain a notice of the termination date thereof.
[Ord. #1340, § 6]
An abatement and/or exemption may qualify for an additional
abatement and/or exemption as if said property has not received a
previous abatement and/or exemption. In this event, the additional
improvement or construction shall be considered separate for the purposes
of calculation exemptions and abatements pursuant to the Act, except
that the assessed value of any previous improvement or construction
shall be added to the assessed valuation of the property from which
any additional abatement is to be subtracted.
[Ord. #1340, § 7]
Upon termination of a tax abatement/exemption agreement referenced
hereunder, a project shall be subject to all applicable real property
taxes as provided by State law and regulations, as well as local ordinances.
However, nothing herein shall prohibit a project, upon termination
of a tax abatement/exemption agreement, from qualifying for and receiving
the full benefits of any other tax preferences provided by law.
[Ord. #1340, § 8]
Pursuant to the Act, during the first year following adoption
of the section codified in this Chapter, the Borough shall include
an appropriate notice of the adoption of said section in the mailing
of annual property tax bills to each owner of property located in
an area in which abatements and/or exemptions may be allowed.