The Tax Assessor of the Township of Gloucester is hereby directed
to allow tax abatements throughout the entire Township of Gloucester,
in accordance with the provisions of Public Law 1991, Chapter 441,
N.J.S.A. 40A:21-1 et seq.
In determining the value of real property for the purpose of
taxation, the first $25,000 in the Assessor's full and true value
of home improvements for each dwelling unit primarily and directly
affected by a home improvement in any single- or multiple-dwelling
property more than 20 years old 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.
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 $25,000 shall be deducted from the amount
determined by the Tax Assessor on October 1 of any year, following
the completion of the improvements, to be the true value of the improvement
and shall continue to be so treated for each of the five years subsequent
to the original determination of the Tax Assessor.
Additional improvements, completed during a period in which
the improved property is subject to previously granted exemption privileges,
in an amount less than the maximum deduction permissible, shall be
qualified for additional deduction privileges under terms and conditions
therein specified; provided, however, that in no tax year shall the
total deductions for any single property exceed $25,000.
A claimant desiring to seek the exemption to the above shall
file a written application with the Tax Assessor of the Township of
Gloucester pursuant to the direction of Public Law 1991, Chapter 441.