[HISTORY: Adopted by the Board of Commissioners
of the Town of West New York as indicated in article histories. Amendments
noted where applicable.]
[Adopted 3-24-2021 by Ord. No. 5/21[1]]
[1]
Editor's Note: This ordinance also repealed former Art. I,
Abatement of Additional Assessments, adopted 5-19-1993 by Ord. No. 2057, as amended.
WHEREAS, the Mayor and Board of Commissioners desire to amend Chapter 364 of the Code of the Town of West New York entitled "Taxation" to require that the abatements and the exemptions under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., and the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq., be approved by either a resolution or ordinance of the Board of Commissioners to the maximum extent permitted by law; and
To the extent that the Long Term Tax Exemption Law, N.J.S.A.
40A:20-1 et seq., provides that any approval required thereunder may
be granted by an official of the Town of West New York other than
the Board of Commissioners; such approval must hereby be granted by
the Board of Commissioners by way of either a resolution or an ordinance,
as may be appropriate.
[Adopted 12-15-2016 by Ord. No. 23/16[1]]
[1]
Editor's Note: This ordinance also repealed former Art. II,
Five-Year Tax Abatements, adopted 10-17-2007 by Ord. No. 11/07, as
amended.
WHEREAS, the State of New Jersey has adopted legislation creating
certain areas within certain cities as Urban Enterprise Zones; and
WHEREAS, under said legislation, the Urban Enterprise Zone Authority
was created for the purpose of examining particular areas in municipalities
and designating these municipalities as Urban Enterprise Zones; and
WHEREAS, the Town of West New York, by resolution, did seek
to have certain areas designated as Urban Enterprise Zones and did
seek to have a zone plan approved by the Authority; and
WHEREAS, representatives of the Urban Enterprise Zone Authority
did designate the areas set forth in the aforementioned resolution
as Urban Enterprise Zones and did approve the application of the Town
of West New York; and
WHEREAS, by ordinance, the governing body of the Town of West
New York accepted the designation of certain areas contained in its
resolution or plan as an Urban Enterprise Zone; and
WHEREAS, based on such designation, the Board of Commissioners
may adopt, pursuant to N.J.S.A. 40A:12A-5(g) and N.J.S.A. 40A:21-1
et seq., the Five-Year Exemption and Abatement Law, an ordinance to
utilize the authority granted under Article VIII, Section I, Paragraph
6, of the New Jersey Constitution and adopt an ordinance setting forth
the eligibility or noneligibility of dwellings, multiple dwellings,
or commercial and industrial structures, or all of these, for exemptions
or abatements, or both, under the Five-Year Exemption and Abatement
Law; and
WHEREAS, such an Ordinance was adopted by the Board of Commissioners
in 2007; and
WHEREAS, the Town wishes to expand and renew said ordinance
having recognized the benefits flowing therefrom; and
WHEREAS, the Town desires to provide for the approval of certain
tax exemptions and abatements by ordinance of the governing body,
if necessary, determining that such authority is necessary for the
efficient operation of the Town:
The Town of West New York hereby authorizes the utilization
of tax exemption in accordance with Article VIII, Section I, Paragraph
6, of the New Jersey Constitution and establishes the eligibility
of residential dwellings, multiple dwellings, and commercial and industrial
structures for five-year tax exemptions and abatements to the maximum
degree permitted by N.J.S.A. 40A:21-1 et seq. throughout the Town,
as further described herein, in all areas within the Town that may
be located within an area designated as an Urban Enterprise Zone,
in an area determined to be in need of rehabilitation, in an area
determined to be in need of redevelopment, and/or in any other area
that may by statute be eligible for an abatement or exemption under
N.J.S.A. 40A:21-1 et seq. on the date of passage of this article or
that thereafter may be so located.
As used in this article, the following terms shall have the
meanings indicated:
That portion of the assessed value of a property, as it existed
prior to construction, improvement or conversion of a building or
structure thereon, which is exempted from taxation pursuant to this
article.
The Municipal Administrator of the Town of West New York.
A portion or all of a municipality which has been determined
to be an area in need of rehabilitation or redevelopment pursuant
to the Local Redevelopment and Housing Law, P.L. 1992, c. 79 (N.J.S.A.
40A:12A-1 et seq.); a "blighted area" as determined pursuant to the
Blighted Areas Act, P.L. 1949, c. 187 (N.J.S.A. 40:55-21.1 et seq.);[1] or which has been determined to be in need of rehabilitation
pursuant to P.L. 1975, c. 104 (N.J.S.A. 54:4-3.72 et seq.);[2] P.L. 1977, c. 12 (N.J.S.A. 54:4-3.95 et seq.);[3] or P.L. 1979, c. 233 (N.J.S.A. 54:4-3.121 et seq.).4
The officer of a taxing district charged with the duty of
assessing real property for the purpose of general taxation.
A structure or part thereof used for the manufacturing, processing
or assembling of material or manufactured products, or for research,
office, industrial, commercial, retail, recreational, hotel or motel
facilities, or warehousing purposes, or for any combination thereof,
which the governing body determines will tend to maintain or provide
gainful employment within the municipality, assist in the economic
development of the municipality, maintain or increase the tax base
of the municipality and maintain or diversify and expand commerce
within the municipality. It shall not include any structure or part
thereof used or to be used by any business relocated from another
qualifying municipality unless the total square footage of the floor
area of the structure or part thereof used or to be used by the business
at the new site, together with the total square footage of the land
used or to be used by the business at the new site, exceeds the total
square footage of that utilized by the business at its current site
of operations by at least 10% and the property that the business is
relocating to has been the subject of a remedial action plan costing
in excess of $250,000 performed pursuant to an administrative consent
order entered into pursuant to authority vested in the Commissioner
of Environmental Protection under P.L. 1970. c. 33 (N.J.S.A. 13:1D-1
et seq.); the Water Pollution Control Act, P.L. 1977, c. 74 (N.J.S.A.
58:10A-1 et seq.); the Solid Waste Management Act, P.L. 1970, c. 39
(N.J.S.A. 13:1E-1 et seq.); and the Spill Compensation and Control
Act, P.L. 1976, c. 141 (N.J.S.A. 58:10-23.11 et seq.).
Substantially ready for the intended use for which a building
or structure is constructed, improved or converted.
A property created or recorded as a condominium pursuant
to the Condominium Act, P.L. 1969, c. 257 (N.J.S.A. 46:8B-1 et seq.).
The provision of a new dwelling, multiple dwelling or commercial
or industrial structure, or the enlargement of the volume of an existing
multiple dwelling or commercial or industrial structure by more than
30%, but shall not mean the conversion of an existing building or
structure to another use.
The alteration or renovation of a nonresidential building
or structure, or hotel, motel, motor hotel or guesthouse, in such
manner as to convert the building or structure from its previous use
to use as a dwelling or multiple dwelling.
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 owned by the corporation or association.
When used with respect to abatements for dwellings or multiple
dwellings, only the cost or fair market value of direct labor and
materials used in improving a multiple dwelling, or of converting
another building or structure to a multiple dwelling, or of constructing
a dwelling, or of converting another building or structure to a dwelling,
including any architectural, engineering, and contractor's fees associated
therewith, 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.
A 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, but shall not mean any building or part of a building defined
as a "multiple dwelling" pursuant to the Hotel and Multiple Dwelling
Law, P.L. 1967, c. 76 (N.J.S.A. 55:13A-1 et seq.). A dwelling shall
include, as they are separately conveyed to individual owners, individual
residences within a cooperative, if purchased separately by the occupants
thereof, and individual residences within a horizontal property regime
or a condominium, but shall not include general common elements or
common elements of such horizontal property regime or condominium,
as defined pursuant to the Horizontal Property Act, P.L. 1963, c.
168 (N.J.S.A. 46:8A-1 et seq.), or the Condominium Act, P.L. 1969,
c. 257 (N.J.S.A. 46:8B-1 et seq.), or of a cooperative, if the residential
units are owned separately.
That portion of the Assessor's full and true value of any
improvement, conversion, alteration, or construction not regarded
as increasing the taxable value of a property pursuant to this article.
A property submitted to a horizontal property regime pursuant
to the Horizontal Property Act, P.L. 1963, c. 168 (N.J.S.A. 46:8A-1
et seq.).
A modernization, rehabilitation, renovation, alteration or
repair which produces a physical change in an existing building or
structure that improves the safety, sanitation, decency or attractiveness
of the building or structure as a place for human habitation or work
and which does not change its permitted use. In the case of a multiple
dwelling, it includes only improvements which affect common areas
or elements, or three or more dwelling units within the multiple dwelling.
In the case of a multiple dwelling or commercial or industrial structure,
it shall not include ordinary painting, repairs and replacement of
maintenance items or an enlargement of the volume of an existing structure
by more than 30%. In no case shall it include the repair of fire or
other damage to a property for which payment of a claim was received
by any person from an insurance company at any time during the three-year
period immediately preceding the filing of an application pursuant
to this article.
A building or structure meeting the definition of "multiple
dwelling" set forth in the Hotel and Multiple Dwelling Law, P.L. 1967,
c. 76 (N.J.S.A. 55:13A-1 et seq.), and means, for the purpose of improvement
or construction, the general common elements and common elements of
a condominium, a cooperative, or a horizontal property regime.
A.
Improvements to dwellings more than 20 years old are eligible for
tax exemption for a period of five years. This exemption is subject
to the approval by the Board of Commissioners upon recommendation
of the Administrator and the Tax Assessor.
[Amended 3-24-2021 by Ord. No. 5/21]
B.
Upon approval, the Town, in determining value, shall regard the first
$25,000 in the Assessor's full and true value of improvements for
each dwelling unit primarily and directly affected by the improvements
as not increasing the value of the property, notwithstanding that
the value of the property to which the improvements are made is increased
thereby.
C.
In addition to the exemption afforded pursuant to this section, by resolution the Board of Commissioners upon recommendation of the Tax Assessor may grant an abatement of some portion of the assessed value of property receiving the exemption as it existed immediately prior to the improvement for a total of up to five years, but the annual amount of the abatement shall not exceed 30% of the annual amount of the exemption granted under Subsection B hereof.
[Amended 3-24-2021 by Ord. No. 5/21]
D.
During the exemption period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvements, unless an abatement is granted pursuant to Subsection C or there is damage to the dwelling through action of the elements sufficient to warrant a reduction.
A.
Construction of new dwellings or conversions of other buildings and
structures, including unutilized public buildings, to dwelling use
are eligible for tax exemption for a period of five years. This exemption
is subject to the approval by resolution of the Board of Commissioners
upon recommendation of the Administrator and Tax Assessor.
[Amended 3-24-2021 by Ord. No. 5/21]
B.
Upon approval, the Town, in determining value, shall regard up to
30% of the Assessor's full and true value of the dwelling constructed
or conversion alterations made as not increasing the value of the
property for a period of five years. This exemption is to be granted
notwithstanding that the value of the property upon which the construction
or conversion occurs is increased thereby.
C.
In addition to the exemption afforded pursuant to this section, by
resolution, the Board of Commissioners upon recommendation of the
Assessor may grant an abatement of some portion of the assessed value
of property receiving the exemption as it existed immediately prior
to the construction or conversion alteration for a total of up to
five years, but the annual amount of the abatement shall not exceed
30% of the total cost of the construction or conversion alteration,
and the total amount of abatements granted to any single property
shall not exceed the total cost of the construction or conversion
alteration.
[Amended 3-24-2021 by Ord. No. 5/21]
D.
During the exemption period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvement or conversion alteration, unless an abatement is granted pursuant to Subsection C, or there is damage to the property through action of the elements sufficient to warrant a reduction.
[Amended 3-24-2021 by Ord. No. 5/21]
Improvements to a residential property resulting from a renovation
housing project, as defined under Subsection c of N.J.S.A. 40A:12A-14,
as amended, are eligible for an abatement or exemption from taxation.
In determining the value of real property, the municipality shall
regard up to and including the Assessor's full and true value
of the improvements as not increasing the taxable value of the property
for a period of five years, notwithstanding that the market value
of the property to which the improvements are made is increased thereby.
During the exemption period, the assessment on the property shall
not be less than the assessment thereon immediately prior to the improvement
affecting the value of the property, unless there is damage to the
structure through action of the elements sufficient to warrant a reduction.
No exemption or abatement may be granted under this section by resolution
of the Board of Commissioners if the improvement giving rise thereto
directly affects more than three residential units.
[Amended 3-24-2021 by Ord. No. 5/21]
Improvements to a residential property that is a single-family
dwelling, resulting from a renovation housing project, as defined
under Subsection d of N.J.S.A. 40A:12A-14, as amended, are eligible
for an abatement or exemption from taxation, upon approval by resolution
of the Board of Commissioners upon a recommendation of the Administrator
and the Tax Assessor. In determining the value of real property, the
municipality shall regard up to and including the Assessor's
full and true value of the improvements as not increasing the taxable
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. During the exemption period, the assessment
on the property shall not be less than the assessment thereon immediately
prior to the improvements.
A.
Improvements to multiple dwellings or conversions of other buildings
and structures, including unutilized public buildings, to multiple-dwelling
use are eligible for tax exemption for a period of five years. This
exemption is subject to the approval by resolution of the Board of
Commissioners upon a recommendation of the Administrator and the Tax
Assessor.
[Amended 3-24-2021 by Ord. No. 5/21]
B.
Upon approval, the Town, in determining value, shall regard up to
30% of the Assessor's full and true value of the improvements or conversion
alterations as not increasing the value of the property for a period
of five years.
C.
In addition to the exemption afforded pursuant to this section, by
resolution of the Board of Commissioners upon a recommendation of
the Assessor, the Assessor may grant an abatement of some portion
of the assessed value of property receiving the exemption as it existed
immediately prior to the improvement or conversion alteration for
a total of up to five years, but the annual amount of the abatement
shall not exceed 30% of the total cost of the improvement or conversion
alteration, and the total amount of abatements granted to any single
property shall not exceed the total cost of the improvement or conversion
alteration.
[Amended 3-24-2021 by Ord. No. 5/21]
D.
This exemption is to be granted notwithstanding that the value of the property to which the improvements or conversion alterations are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvement or conversion alteration, unless an abatement is granted pursuant to Subsection C or there is damage to the multiple dwelling through action of the elements sufficient to warrant a reduction.
A.
Improvements to commercial and industrial structures are eligible
for tax exemption for a period of five years. This exemption is subject
to the approval by resolution of the Board of Commissioners upon a
recommendation of the Administrator and the Tax Assessor.
[Amended 3-24-2021 by Ord. No. 5/21]
B.
Upon approval, the Town, in determining value, shall regard up to
30% of the Assessor's full and true value of the improvements as not
increasing the value of the property for a period of five years.
C.
This exemption is to be granted notwithstanding that the value of
the property to which the improvement is made is increased thereby.
During the exemption period, the assessment on the property shall
not be less than the assessment thereon existing immediately prior
to the improvements, unless there is damage to the structure through
action of the elements sufficient to warrant a reduction.
New constructions of commercial and industrial structures and multiple dwellings are eligible for tax exemption for a period of five years. This exemption may only be approved upon the filing of a formal application pursuant to § 364-15, by ordinance of the Board of Commissioners and memorialized through the execution of a tax agreement setting forth the conditions of the abatement and/or exemption in accordance with the requirements of N.J.S.A. 40A:21-1 et seq.
A.
All applicants for tax exemption and abatement pursuant to §§ 364-9 through 364-14 of this article shall provide the Administrator, on behalf of the Board of Commissioners, with 10 copies of an application conforming with an application form adopted by the Administrator, setting forth the following information:
(1)
A general description of a project for which exemption is sought;
(2)
A legal description of all real estate necessary for the project;
(3)
Plans, drawings and other documents as may be required by the Board
of Commissioners to demonstrate the structure and design of the project;
(4)
A description of the number, classes and type of employees to be
employed at the project site within two years of completion of the
project;
(5)
A statement of the reasons for seeking tax exemption on the project,
and a description of the benefits to be realized by the applicant
if a tax agreement is granted;
(6)
A good-faith estimate of the cost of completing such project, together
with the expected method or plan of financing the improvements;
(7)
A construction schedule;
(8)
A statement showing the real property taxes currently being assessed
at the project site, estimated tax payments that would be made annually
by the applicant on the project during the period of the tax agreement,
and estimated tax payments that would be made by the applicant on
the project during the first full year following the termination or
expiration of the tax agreement;
(9)
If the project is a commercial or industrial structure, a description
of any lease agreement between the applicant and proposed users of
the project and a history and description of the users' businesses;
(10)
If the project is a multiple dwelling, a description of the
number and type of dwelling units to be provided, a description of
the common elements or general common elements and a statement of
the proposed initial rentals or sales prices of the dwelling units
according to type and of any rental lease or resale restrictions to
apply to the dwelling units respecting low- or moderate-income housing;
(11)
A disclosure statement of the interests of all parties, including
subsidiary companies, in the project;
(12)
Such other pertinent information as the Administrator and Board
of Commissioners may require on a case-by-case basis; and
(13)
The owner shall sign the application and certify as to the truth
and accuracy of the contents thereof.
B.
Each application shall be reviewed, in the first instance, by the Administrator and Tax Assessor and thereafter referred to the Board of Commissioners, with a recommendation as to whether the application should be granted, denied, or granted with conditions by resolution of the Board of Commissioners, except that, in the case of applications for exemptions pursuant to § 364-14, each such application shall be reviewed, in the first instance, by the Administrator and Tax Assessor and thereafter referred to the Board of Commissioners, with a recommendation as to whether the application should be granted, denied, or granted with conditions by ordinance.
[Amended 3-24-2021 by Ord. No. 5/21]
A.
The owner receiving an exemption or abatement under § 364-14 shall enter into a written agreement with the Town, to make payments in lieu of taxes on the project improvements in accordance with one of the following schedules, to be selected by the Town at its sole discretion:
(1)
Tax phase-in basis. The agreement may provide for the applicant to
pay to the Town in lieu of full property tax payments on real property
improvements constructed in connection with the project in an amount
equal to a percentage of taxes otherwise due, according to the following
schedule:
(a)
In the first full tax year after completion, no payment in lieu
of taxes otherwise due.
(b)
In the second tax year, an amount not less than 20% of taxes
otherwise due.
(c)
In the third tax year, an amount not less than 40% of taxes
otherwise due.
(d)
In the fourth tax year, an amount not less than 60% of taxes
otherwise due.
(e)
In the fifth tax year, an amount not less than 80% of taxes
otherwise due.
(2)
Cost-basis approach. The agreement may provide for the applicant
to pay to the Town in lieu of full property tax payments on real property
improvements constructed in connection with the project in an amount
equal to 2% of the cost of the project. For the purposes of the agreement,
"the cost of the project" means only the cost or fair market value
of direct labor and all materials used in the construction, expansion,
or rehabilitation of all buildings, structures, and facilities at
the project site, including the costs, if any, of land preparation,
provision of access roads, utilities, drainage facilities, and parking
facilities, together with architectural, engineering, legal, surveying,
testing, and contractors' fees associated with the project, which
the applicant shall cause to be certified and verified to the governing
body by an independent and qualified architect following the completion
of the project.
(3)
Gross-revenue basis. The agreement may provide for the applicant
to pay to the Town in lieu of full property tax payments on the project
on real property improvements constructed in connection with the project
in an amount annually equal to 15% of the annual gross revenues from
the project. For the purposes of the agreement, "annual gross revenues"
means the total annual gross rental and other income payable to the
owner of the project from the project. If in any leasing, any real
estate taxes or assessments on property included in the project, any
premiums for fire or other insurance on or concerning property included
in the project, or any operating or maintenance expenses ordinarily
paid by the landlord are to be paid by the tenant, then those payments
shall be computed and deemed to be part of the rent and shall be included
in the annual gross revenue. The tax agreement shall establish the
method of computing the revenues and may establish a method of arbitration
by which either the landlord or tenant may dispute the amount of payments
so included in the annual gross revenue.
B.
The agreement shall provide that the payment in lieu of taxes shall
be billed and collected in the same manner as any conventional taxes,
and any arrearages shall accrue at that rate of interest charged for
delinquent real estate taxes.
C.
The Tax Collector shall be responsible for the administration and
enforcement of the tax agreement. In the event that a property owner
subject to a tax agreement ceases to operate or disposes of the property
or fails to meet the conditions for qualifying for the exemption,
the local property taxes due for all the prior years subject to exemption
and for the current year shall be payable as if no exemption had been
granted. The Tax Collector shall notify the property owner and the
Board of Commissioners within 15 days of the date of disqualification
of the amount of taxes due. In the event that the subject property
has been transferred to a new owner and it is determined that the
new owner will continue to use the property pursuant to the qualifying
conditions, no additional tax shall be due, the exemption shall continue,
and the agreement shall remain in effect.
A.
An additional improvement, conversion or construction, completed
on a property granted a previous exemption or abatement pursuant to
this Ordinance during the period in which such previous exemption
or abatement is in effect, shall be qualified for an exemption, or
exemption and abatement, just as if such property had not received
a previous exemption or abatement. In such case, the additional improvement,
conversion or construction shall be considered as separate for the
purposes of calculating exemptions and abatements pursuant to this
act, except that the assessed value of any previous improvement, conversion
or construction shall be added to the assessed valuation as it was
prior to that improvement, conversion alteration or construction for
the purpose of determining the assessed valuation of the property
from which any additional abatement is to be subtracted, except that
the Town shall not consider any application for any additional abatement
or exemption for a property within six months of the approval of the
grant of any previous abatement or exemption for the same property
or within six months of the completion of any improvement, conversion,
or new construction as to which such previous grant of an abatement
or exemption relates.
The Municipal Clerk shall forward a copy of all tax exemption
agreements to the Director of the Division of Local Government Services
in the Department of Community Affairs within 30 days of the date
of execution.
A.
Every applicant for tax exemption, including a tax exemption subject to a tax agreement, shall file, in addition to the separate application described in § 364-15 above, that form of application prescribed by the Director of the New Jersey Division of Taxation in the Department of Treasury with the Tax Assessor. As a condition to approval, the application must be filed within 30 days, including Saturdays and Sundays, following the completion of the improvement, conversion or construction. Every application for exemption shall be approved and allowed by resolution or ordinance, as may be appropriate, of the Board of Commissioners upon the recommendation of the Assessor to the degree that the application is consistent with the provisions of this article; that is, the improvement, conversion, alteration or construction for which the application is made must qualify pursuant to the provisions of the law and this article. The applicant shall submit data in support of the application as the Assessor or Town shall require.
[Amended 3-24-2021 by Ord. No. 5/21]
B.
The granting of an exemption and, if appropriate, tax agreement shall
be recorded and made a permanent part of the official tax records
of the taxing district, which record shall contain a notice of the
termination date thereof.
D.
No exemptions shall be granted for any property for which property
taxes or any other municipal charges, including interest, are delinquent
or remain unpaid or for which penalties for nonpayment are due.
E.
All taxes and other municipal charges must be paid timely and in
full during the term of the exemption. The failure to timely pay any
tax or other municipal charge, including land tax, shall permit the
Tax Collector to terminate the tax exemption and subject the property
to full taxation.
F.
Any tax appeal filed for the exempt property during the term of the
exemption or abatement shall subject the exemption or abatement to
immediate termination by the Town.
G.
All agreements entered into by the Town pursuant to this article
shall commence on January 1 next following the date of completion
of the project and shall remain in effect for no more than five full
calendar years thereafter.
H.
The applicant/owner shall fully cooperate with the Town as to any
audit of the value of the new construction and provide all information
requested by the Town sought in furtherance of any such audit.
I.
All projects subject to tax agreement as provided herein shall be
subject to all applicable federal, state and local laws and regulations
on pollution control, worker safety, discrimination in employment,
housing provision, zoning, planning and building code requirements.
J.
Nothing herein shall be construed as to confer or permit an abatement
or exemption as to the land underlying a project for which an exemption
or abatement has been granted pursuant to this article.
K.
No abatement or exemption may be granted for improvements, conversion
or new construction except where the cost of same exceeds $15,000
for residential dwellings exceeds $25,000 in regards to multiple dwellings
or industrial or commercial structures.
The Town shall include the appropriate notice of this article
in the mailing of annual property tax bills to each owner of a dwelling
located in an area in which exemptions, or exemptions and abatements,
may be allowed pursuant to this article during the first year following
adoption of this article.
A.
The Board of Commissioners shall report, on or before October 1 of
each year, 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 the total amount abated within
the municipality in the current tax year for each of the following:
(1)
Improvements of dwellings;
(2)
Construction of dwellings;
(3)
Improvements and conversions of multiple dwellings;
(4)
Improvements of commercial or industrial structures;
(5)
Construction of multiple dwellings under tax agreements; and
(6)
Construction of commercial or industrial structures under tax agreements.
B.
In the case of Subsection A(5) and (6) above, the report shall state instead the total amount of payments made in lieu of taxes according to each formula utilized by the municipality and the difference between that total amount and the total amount of real property taxes which would have been paid on the project had the tax agreement not been in effect, for the current tax year.
This article is hereby readopted in accordance with N.J.S.A.
40A:21-4. No application for tax exemption or abatement shall be filed
for an exemption or abatement to take initial effect for the tax year
commencing 2028 or any tax year thereafter, unless this article is
readopted by the Board of Commissioners in accordance with N.J.S.A.
40A:21-4.
