N.J.S.A. 40A:21-1 et seq. of the New Jersey Statutes enables
municipalities to create abatements from local property taxes assessed
against certain industrial and commercial improvements.
The C-1 Neighborhood Commercial District and the C-2 Highway
Commercial District of the Township of Montague have been determined
to be areas suitable for development of commercial and/or light industrial
development that will tend to maintain or provide gainful employment
within the municipality, assist in the economic development of the
municipality, maintain or increase the tax base of the municipality
and maintain or diversify and expand commerce within the municipality.
The Montague Township Economic Development Committee in conjunction
with the Mayor and Township Committee have determined that the interests
of the Township of Montague are best served by encouraging certain
construction and improvements for commercial and light industrial
uses in the relevant zones.
The Mayor and Township Committee of the Township of Montague
have determined that certain commercial and industrial improvements,
in the interest of economic development, should be provided with the
opportunity for abatement of local property taxes for a period of
five years.
The Montague Township Economic Development Committee endorses
the following tax abatement ordinance.
The Township Committee hereby authorizes the utilization of
tax abatement in accordance with Article VIII, § 1, paragraph
6 of the New Jersey Constitution and establishes the eligibility of
commercial and industrial structures for five-year tax abatements
to the maximum degree permitted by N.J.S.A. 40A:21-1 et seq. throughout
the C-1 and C-2 Commercial Districts in the township.
[Amended 12-26-17 by Ord. No. 2017-17]
No application for tax abatement shall be filed for an abatement
to take initial effect for tax year 2022 or any tax year thereafter
unless this chapter is readopted by the Township Committee in accordance
with N.J.S.A. 40A:21-4.
If any provision of this chapter or the application of this
chapter to any person or circumstances is held invalid, the remainder
of this chapter shall not be affected and shall remain in full force
and effect.
All ordinances or parts of ordinances or resolutions inconsistent
or in opposition to the provisions of this chapter are hereby repealed
in their entirety.
This chapter shall take effect after publication and passage
according to law.