[Adopted 4-22-2020 by Ord. No. 14-20]
A. 
The Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq. (hereinafter referred to as the "Five-Year Law"), authorizes municipalities to approve tax exemptions and/or abatements for improvements to dwellings, multiple dwellings, and commercial and industrial structures located within an area in need of rehabilitation in accordance with the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (hereinafter referred to as the "Redevelopment Law").
B. 
The City hereby authorizes the limited use of tax exemptions and/or abatements in accordance with Article VIII, Section 1, Paragraph 6, of the New Jersey Constitution and establishes the eligibility of dwellings, multiple dwellings, and commercial and industrial structures for five-year tax exemptions and/or abatements as authorized by the Five-Year Law in areas in need of rehabilitation in accordance with the Redevelopment Law, but only to the extent set forth herein.
Tax exemptions shall be granted for improvements to dwellings only on an individual basis in accordance with N.J.S.A. 40A:21-5 of the Five-Year Law, after review and evaluation of each application by the Tax Assessor, who shall then make a recommendation to the City Council. The City Council may approve by resolution an exemption from taxation of improvements to the dwelling. Such exemption shall regard the first $25,000 of the Tax Assessor's full and true value of improvements for each dwelling unit primarily and directly affected by the improvement in any dwelling more than 20 years old as not increasing the value of such property for a period of five years, notwithstanding the value of the dwelling to which the improvements are made is increased thereby; provided, however, that during the five-year period, the assessment on such dwelling shall in no case, except that of damage through action of the elements sufficient to warrant a reduction, be less than the assessment thereon existing immediately prior to such improvements.
Tax exemptions shall be granted for improvements to multiple dwellings only on an individual basis in accordance with N.J.S.A. 40A:21-6 of the Five-Year Law, after review and evaluation of each application by the Tax Assessor, who shall then make a recommendation to the City Council. The City Council may approve by resolution an exemption from taxation of improvements to multiple dwellings. Such exemption shall regard up to the Tax Assessor's full and true value of the improvements as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby; provided, however, that during the five-year period, the assessment on such multiple dwelling shall in no case, except that of damage through action of the elements sufficient to warrant a reduction, be less than the assessment thereon existing immediately prior to such improvements.
Upon approval of an exemption by the City Council for improvements to commercial and industrial structures, the Tax Assessor shall, in determining the value of the existing commercial and industrial structures that are more than 20 years old, regard the first $100,000 in the Tax Assessor's full and true value of improvements to such commercial and industrial structures as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby; provided, however, that during the five-year period, the assessment on such dwelling shall in no case, except that of damage through action of the elements sufficient to warrant a reduction, be less than the assessment thereon existing immediately prior to such improvements.
The Tax Assessor shall determine on October 1 of the year following the date of the completion of an improvement the true taxable value of the real property granted an exemption pursuant to this article. The amount of tax to be paid for the tax year in which the project is completed shall be based on the assessed valuation of the property for the current tax year plus the prorated portion of the assessed valuation of the improvement not allowed an exemption pursuant to this article. The property shall continue to be treated in the appropriate manner for each of the four tax years subsequent to the resolution of the City Council and shall be prorated for the final tax year in which the exemption expires.
Additional improvements completed during a period in which the improved property is subject to a previously granted exemption in an amount less than the maximum deductible permissible may qualify, subject to the review and approval provisions in this article, for additional exemptions under terms and conditions herein specified. In calculating the assessed value in such case, the additional improvement shall be considered as separate for the purposes of calculating the exemption, except that the assessed value of any previous improvement shall be added to the assessed valuation as it was prior to that improvement for the purpose of determining the assessed valuation of the property from which any additional abatement is to be subtracted. Unless specifically provided under this article, no additional exemptions or abatements shall be permitted.
No exemption or abatement shall be granted for any properties for which property taxes are delinquent or remain unpaid, or for which penalties for nonpayment of taxes are due.
A. 
Tax exemptions for improvements for a dwelling, multiple dwelling, or commercial or industrial structure shall be granted only on an individual basis after review and evaluation of each application and recommendation by the Tax Assessor to the City Council. A tax exemption under this article shall be granted only after approval by resolution of the City Council. In all cases, an applicant for an exemption pursuant to this article shall be responsible for all reasonable and actual costs incurred by the City in connection with granting of tax exemptions, including, but not limited to, reasonable legal fees incurred by the City and reasonable out-of-pocket third-party costs.
B. 
All applications shall be submitted pursuant to the Five-Year Law on a form prescribed by the Division of Taxation in the Department of Treasury and shall be filed with the Tax Assessor within 30 calendar days following the completion of the improvement. The granting of an exemption shall be made a permanent part of the official tax records of the City and shall contain a notice of termination date thereof.
C. 
In accordance with N.J.S.A. 40A:21-20 of the Act, the Tax Collector of the City shall include the appropriate notice concerning the tax exemption and abatement program, in a form prescribed by the Department of Community Affairs, to each owner of a dwelling within the City during the first year following the adoption of this article.
A. 
A tax exemption or abatement of real property taxes, pursuant to the Five-Year Law and this article, shall apply to property taxes levied for municipal purposes, school purposes, county government purposes and for the purposes of funding any other property tax exemptions or abatements.
B. 
All projects subject to a tax exemption or abatement as provided for herein shall be subject to all applicable federal, state and local laws and regulations, including, but not limited to, pollution control, workers safety, discrimination in employment, housing provision, zoning, planning and building and fire code requirements.
C. 
No abatement or exemption of improvements from taxation shall be allowed except as provided pursuant to this article and the Five-Year Law, and pursuant to any duly promulgated regulations of the New Jersey Department of Community Affairs and the Division of Revenue.
On or about October 1 of each year, the City Council shall report to the Director of the Division of Local Government Services in the Department of Community Affairs and to the Director of the Division of Taxation in the Department of the Treasury the total amount of real property taxes exempted and abated within the City in the current tax year in accordance with N.J.S.A. 40A:21-21 of the Act.