[Adopted 3-20-2007 by Ord. No. 06-25]
The following definitions shall be applicable
in accordance with the provisions of N.J.S.A. 54:4-3.140:
An exemption from real property taxes provided for the purposes
of encouraging residential construction conversion, improvement and
redevelopment pursuant to this article.
The Municipal Tax Assessor appointed pursuant to the provisions
of Chapter 9 of Title 40A of the New Jersey statutes.
The certified average ratio used for determining the common
level range for each taxing district pursuant to P.L. 1973, c. 123
(N.J.S.A. 54:1-35a et seq.) as prepared by the Director of the Division
of Taxation for the preceding tax year.
With respect to a parcel of qualified property or the completion
of that property, substantially ready for the use for which it is
intended and its occupancy as a principal residence.
The form of real property ownership provided for under the
Condominium Act, P.L. 1969, c. 257 (N.J.S.A. 46:8B-1 et seq.).
A housing corporation or association wherein the holder of
a share or membership interest thereof is entitled to possess and
occupy for dwelling purposes a house, apartment, or other unit of
housing owned by the corporation or association, or to purchase a
unit of housing constructed or erected by the corporation or association.
When used with respect to construction, or to an improvement
or conversion alteration, only the cost or fair market value of labor
and materials used in constructing or improving qualified residential
property, or in converting another building or structure to qualified
residential property, including any architectural, engineering, and
contractors' fees associated with the construction, improvement or
conversion, as the owner of the property shall cause to be certified
to the governing body by an independent and qualified architect, following
the completion of the project.
The tax amount derived by levying on a structure for which
a five-year tax abatement has been granted, a property tax imposed
in the same manner as other property taxes are levied pursuant to
Chapter 4 of Title 54 of the Revised Statutes, except that, for all
tax years subsequent to the last tax abatement year including and
ending in the tax year prior to a municipal-wide revaluation, the
total property tax prior to any tax deduction shall be equalized by
the Tax Collector by multiplying that amount times the average ratio
of the taxing district, but in no event shall the payment for equalized
taxes otherwise due be less than the total property tax payment on
the structure prior to any tax deduction due and payable during the
third tax year following completion of construction, improvements
or conversion alterations pursuant to Section 7 of P.L. 1989, c. 207
(N.J.S.A. 54:4-3.145). No appeal shall be taken by the property owner
from the determination by the Tax Collector of equalized taxes otherwise
due, except for mathematical or typographical errors.
The form of real property ownership provided for under the
Horizontal Property Act, P.L. 1963, c. 168 (N.J.S.A 46:8A-1 et seq.).
A municipality in which an urban enterprise zone or part
of an urban enterprise zone has been designated pursuant to the New
Jersey Urban Enterprise Zones Act, P.L. 1983, c. 303 (N.J.S.A. 52:27H-60
et seq.), and shall include the entire area within the corporate boundaries
of that municipality, whether or not that area is included within
an urban enterprise zone.
Any newly constructed building used or to be used or held
for use as a home or residence, including accessory buildings located
on the same premises and including condominiums, cooperatives and
horizontal property regimes. No building shall be considered a qualified
residential property if the certificate of occupancy for the construction,
conversion, rehabilitation or renovation was issued on or before the
date falling 30 months prior to the effective date of this article.
The governing body of the City of Bridgeton
declares that within the City of Bridgeton there is a need for increased
new housing and that the facilitation of construction of new residential
properties within the City of Bridgeton will be enhanced by the enactment
of a tax exemption plan for residential dwelling units. Further, the
City Council of the City of Bridgeton finds and determines that a
significant percentage of the housing stock in the City of Bridgeton
is deteriorated and that the supply of and demand for housing within
the City of Bridgeton is disparate and that the entirety of the City
of Bridgeton is in need of rehabilitation and improvements with respect
to the housing stock for the benefit of the residents of the City
of Bridgeton.
Pursuant to the authority of N.J.S.A. 54:4-3.142,
abatement of real property taxes shall be allowed as follows:
A.Â
Property tax abatement shall be allowed for a term
of five years.
B.Â
The application for an abatement under this article
shall require that an application be made on a form prescribed by
the Director of the Division of Taxation to be submitted to the Tax
Assessor's office of the City of Bridgeton.
C.Â
The application for a tax abatement under this article
shall be made not later than 30 days following the completion of the
structure, improvement, conversion or alteration, including saturdays
and sundays. The application shall set forth the identification of
the property by lot and block, address, the cost of improvements,
construction, conversion, or alteration, description of the same and
a certification of whether or not the property for which the abatement
is sought shall be occupied by the owner thereof. Further, an applicant
shall certify as to property taxes being paid or delinquent with respect
to the property.
Upon submission of the application designated
in the preceding section, the Tax Assessor of the City of Bridgeton
may approve it to the degree that the application is consistent with
the provisions of this article, provided that the property for which
the application is being made constitutes a qualified residential
property pursuant to the provisions of this article. An abatement
granted under this article shall take effect upon the issuance of
a certificate of occupancy to the owner, and it shall be recorded
and made a permanent part of the official tax records of the City
of Bridgeton and shall contain a notice of the termination date of
the abatement.
Each approved abatement shall be evidenced by
an agreement between the City of Bridgeton and the applicant. The
agreement shall be prepared by the City on a form prescribed by the
City of Bridgeton and shall contain the representations that are required
by this article. The agreement shall provide for the applicant to
annually pay to the City an amount in lieu of real property taxes,
to be computed as hereinafter provided:
A.Â
Payments in lieu of taxes may be computed as a portion
of the real property taxes otherwise due according to the following
schedule:
(1)Â
In the first tax year following completion: no payment
in lieu of taxes otherwise due;
(2)Â
In the second tax year following completion: an amount
not less than 20% of taxes otherwise due;
(3)Â
In the third tax year following completion: an amount
not less than 40% of taxes otherwise due;
(4)Â
In the fourth tax year following completion: an amount
not less than 60% of taxes otherwise due;
(5)Â
In the fifth tax year following completion: an amount
not less than 80% of taxes otherwise due;
(6)Â
In the sixth and all subsequent tax years following
completion: 100% of the equalized taxes otherwise due.
B.Â
For the purposes of this section, the amount of "taxes
otherwise due" (not to be confused with "equalized taxes otherwise
due") shall be determined by including the appropriate percentage
of the assessed valuation of the abated structure, improvement or
conversion alteration, as the case may be, on the assessment list
of the city as taxable property, and levying taxes thereon in the
same manner as other taxes are levied pursuant to Chapter 4 of Title
54 of the Revised Statutes; provided, however, that no value for a
property subject to the provisions of this article shall be included
in the calculation of the "net valuation on which county taxes are
apportioned" until the first year for which a city-wide reevaluation
is implemented.
In addition to the annual payment required pursuant
to the preceding section of this article, the owner of a structure
to which an abatement is applicable shall pay to the City of Bridgeton
an annual administration fee in the amount of 1% of the payment provided
for in the preceding section with respect to dwellings which are not
owner occupied.
Payments required pursuant to this article shall
be made in quarterly installments according to the same schedule as
real property taxes are due and payable. Failure to make these payments
shall result in termination of the abatement. In addition, the payments
required pursuant to the preceding section of this article shall be
enforced in the same manner as is provided for real property taxes
pursuant to Title 54 of the Revised Statutes.
In addition to the payments required in lieu of taxes pursuant to § 317-21A of this article, the owner of a parcel of qualified property granted an abatement pursuant to this article shall be liable for all real property taxes assessed and levied against the land on which the qualified residential property is situated.
No abatement shall be granted pursuant to this
article with respect to any property for which property taxes are
delinquent or remain unpaid or for which penalties for nonpayment
of taxes, other liens or assessments are due.
Only one abatement is to be used. An owner of property seeking an abatement under Article II hereof shall be entitled to apply for an abatement only under Article II of this chapter or Article I of this chapter and shall not be entitled to apply for nor receive an abatement under both articles during the allowed five-year abatement or exemption.
