[1]
Editor's Note: This ordinance also provided
that it shall continue in full force and effect until 12-31-2004 unless
extended by an ordinance adopted prior to 12-31-2004.
Tax exemptions in connection with new construction,
together with conversions and/or improvements to existing structures,
are authorized in the following cases only, when granted in conformance
with this article:
A.
In connection with improvements to any dwelling more
than 20 years old, there shall be an exemption of the first $25,000
of the assessor's full and true value of the improvement for each
dwelling unit primarily and directly affected by the improvement,
but only up to the assessor's full and true value of the improvement
of each such unit.
B.
In connection with the improvements to any dwelling
20 years old or less, there shall be an exemption of 100% of the assessor's
full and true value of the improvement for each dwelling unit primarily
and directly affected by the improvement, not to exceed $25,000 per
unit.
C.
In connection with the construction of new dwellings
or of conversions of other buildings and structures into dwellings,
25% of the assessor's full and true value of the dwelling constructed
or of the conversion alterations made, not to exceed $25,000 per unit.
D.
In connection with the improvements to multiple dwellings
or of conversions of other buildings and structures to multiple dwelling
use (see definition of multiple dwellings as set forth in the Hotel
and Multiple Dwelling Law, N.J.S.A. 55:13A-1 et seq.), there shall
be an exemption of 25% of the true value of the improvements or conversion
alterations not to exceed $150,000.
E.
In connection with improvements to commercial or industrial
structures, an exemption of 25% of the assessor's full and true value
of the improvements, not to exceed $150,000.
No exemption authorized pursuant to the provisions
of this article shall be granted or allowed, except upon written application
therefor, filed with and approved by the assessor of the City. Application
shall be on a form prescribed by the Director of the Division of Taxation
in the Department of the Treasury, and shall be filed with the Assessor
within 60 calendar days following the completion of the improvement.
No exemption shall be granted unless all real estate tax payments
on the property are current.
The exemptions shall run for a period of five
years commencing on January 1 in the year following the year the new
construction, conversion, alteration, or improvement is completed.
During the five year exemption period, the assessment on the property
shall not be less than the assessment thereon existing immediately
prior to the completion of the construction, improvements, or conversion
alterations, unless there is damage to the structure through action
of the elements sufficient to warrant a reduction.
No exemption for the improvement to a building
or a structure shall be permitted for repairs of fire or other damage
to property, for which payment of a claim was received from an insurance
company at any time during the three-year period immediately preceding
the filing of an application for an exemption.
There can be more than one exemption given for the same property; however, the total of the exemptions, at any one time, cannot exceed the maximum amount set forth in § 398-16.
Pursuant to N.J.S.A. 40A:21-4, no application
for an exemption under this article shall be filed for an exemption
which would take initial effect in the year 2005 (the eleventh full
tax year occurring after the adoption of the City's Five-Year Tax
Exemption Ordinance, which was adopted in 1994), or any subsequent
year unless the ordinance is readopted by the governing body.
The definitions contained in N.J.S.A. 40A:21-3
are applicable to this article. These definitions include the definition
of the word "construction" to mean new construction, including the
enlargement of the volume of an existing multiple dwelling or commercial
or industrial structure by more than 30%. However, it shall not mean
the conversion of an existing building or structure to another use.
The term "improvement" means 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 or commercial or industrial structure,
"improvement" shall not include the enlargement of the volume of an
existing structure by more than 30%. If either of the definitions
set forth herein become in conflict with the definitions contained
in N.J.S.A. 40A:21-3, the definitions in the statute shall prevail.
