[Ord. 6 S+FI, 9-3-1986 § 1]
If no property taxes, including interest, costs and penalties, thereon, are owed and unpaid, and if a written application on a form prescribed by the Director of the Division of Taxation in the New Jersey Department of the Treasury has been filed with the City's Tax Assessor within 30 days, including Saturdays and Sundays, following the completion of the improvement or conversion alteration, the Assessor, to the degree that such application is consistent with this chapter and within the referenced Statutes, shall approve and allow the exemption from taxation of improvements to multiple dwellings or for other buildings or structures, including unutilized public school buildings, converted to multiple dwelling use, and in determining the value of real property for the purposes of taxation, regard up to the Assessor's full and true value of such improvements or conversion alterations as not increasing the value of such property for a period of five years, notwithstanding that the value of the property to which such improvements or conversion alterations are made is increased thereby; provided, however, that during this period, the assessment on such property shall in no case, except from damage through action of the elements sufficient to warrant a reduction, be less than the assessments thereon existing immediately prior to such improvements or conversion alterations.
[Ord. 6 S+FI, 9-3-1986 § 2]
Owners of real estate in the City of Newark upon compliance herewith, and with the provisions of "An Act providing for exemption or abatement from taxation in certain instances, amending P.L. 1975, c.104 and P.L. 1977, c.284, and supplementing Chapter 4 of Title 54 of the New Jersey Statutes, P.L. 1979, c.233" (N.J.S. 54:4-3.121 et seq.), and the amendment thereto, (Chapter 72, P.L. 1983), heretofore recited, shall have the benefits and obligations of the Act and this chapter, respecting exemptions, only.
[Ord. 6 S+FI, 9-3-1986 § 3]
This chapter is to be consistently construed with Section 10:23-1 et seq.
[Ord. 6 S+FI, 9-3-1986 § 4]
Nothing herein shall relieve a property owner of the latter's obligation to comply with and conform to, all applicable Statutes, municipal ordinances, and the lawful regulations made pursuant thereto, governing land, buildings and the use thereof.
[Ord. 6 S+FI, 9-3-1986 § 7]
The Governing Body may permit the conversion of industrial properties to residential use to further the purpose of this chapter and the underlying Statutory Law which sanctions it, any other Ordinance to the contrary notwithstanding.