In determining the value of real property for the purpose of taxation, the first $4,000 in the Assessor's full and true value of home improvements for each dwelling unit primarily and directly affected by home improvements in any single- or multiple-dwelling property more than 20 years old or older shall be regarded 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.
[HISTORY: Adopted by the Mayor and Council of the Borough of Woodlynne: as indicated in article histories. Amendments noted where applicable.]
[Adopted 6-11-1980 by Ord. No. 1980-4 (Ch. 108, Art. I, of the 1976 Code)]
In no event, however, shall the assessment during that period be less than the assessment thereon existing immediately prior to such home improvements, unless there shall be damage through action of the elements sufficient to warrant a reduction.
The above amounts up to $4,000 shall be deducted from the amount determined by the Assessor on October 1 of any year following the completion of the improvements to be the true taxable value of the improvements and shall continue to be so treated for each of the five tax years subsequent to the original determination by the Assessor.
Additional improvements completed during a period in which the improved property is subject to the previously granted exemption privileges in an amount less than the maximum deduction permissible shall be qualified for additional deduction privileges under the terms and conditions herein specified; provided, however, that in no tax year shall the total deductions for any single property exceed $4,000.
A claimant desiring to seek the exemption to the above shall file written application with the Tax Assessor of Woodlynne pursuant to the directions of P.L. 1975, c. 104.[1]
[1]
Editor's Note: Chapter 104 of the Laws of 1975 was repealed by Ch. 441 of the Laws of 1991. See now N.J.S.A. 40A:21-1 et seq.
As used in this article, the following definitions shall apply:
Substantially ready for the use for which it was intended.
Any building or part of a building used, to be used or held for use as a home or residence, including accessory buildings located on the same premises, together with the land upon which such building or buildings are erected and which may be necessary for the fair enjoyment thereof.
The improvement of a dwelling which does not change its permitted use, and shall include the modernization, rehabilitation, renovation, alteration or repair of the dwelling.