[HISTORY: Adopted by the Council of the Borough of Lawnside
as indicated in Article histories. Amendments noted where applicable.]
[Adopted 6-7-1978 by Ord.
No. 10-1978]
N.J.S.A. 54:4-3.72 et seq., provides that a qualified municipality
may, by ordinance, exempt from taxation the first $4,000 or $10,000
in the assessor's full and true value of home improvements made
to each dwelling unit, primarily and directly affected by such improvements,
in any single or multiple dwelling more than 20 years old and shall
not increase the value of such property, for purposes of real estate
taxation, for a period of five years. The Council of the Borough of
Lawnside, having deemed it in the best interests of the Borough of
Lawnside to be declared a qualified municipality, did by resolution
petition the Camden County Planning Board to declare the Borough of
Lawnside a qualified municipality, and the said Camden County Planning
Board did, by its Resolution No. 11-78, adopted on April 18, 1978,
declare the Borough of Lawnside a qualified municipality.
In determining the value of real property for the purposes of
real property taxation, the Borough Assessor of the Borough of Lawnside
shall regard the first $10,000 in the full and true value of home
improvements, as determined by him, for each dwelling unit primarily
and directly affected by such improvements in any single- or multiple-dwelling
property located anywhere within the Borough of Lawnside which is
more than 20 years old, as not increasing the value of such property
for a period of five years, notwithstanding that the value of the
dwelling to which such improvements are made is increased thereby;
provided however, that during said period the assessment on such dwelling
shall in no case, except for damage through action of the elements
sufficient to warrant a reduction, be less than the assessment thereon
existing immediately prior to such home improvements.
The Borough Assessor of the Borough of Lawnside in allowing
the abatement provided for hereunder shall comply with all of the
provisions of N.J.S.A. 54:4-3.72 et seq. and such rules and regulations
as may be promulgated by the Commissioners of the Department of Community
Affairs.
