[Amended 5-16-2006 by Ord. No. 1691-06]
Pursuant to N.J.S.A. 40A:21-1 et seq. the City
of Passaic is in need of rehabilitation, and one or more multiple
dwellings located within the City of Passaic are in need of rehabilitation
and one or more other buildings and structures located within the
City of Passaic are in need of such rehabilitation and could advantageously
be converted to multiple dwellings or both.
[Amended 3-5-1987 by Ord. No. 972-87; 1-24-1991 by Ord. No.
1125-91]
The City Council hereby provides for the exemption
from real property taxation (pursuant to N.J.S.A. 40A:21-1 et seq.)
for improvements to multiple dwellings at a level not to exceed 50%
and not to exceed $12,500 of the Assessor's full and true value of
such improvements. Such exemption shall be applicable only to the
residential portions of such buildings and areas appurtenant thereto,
and such buildings shall be more than 20 years old. Further, such
exemptions shall have the effect of not increasing the value of such
property for a period of five years from the date of approval by the
Assessor of a proper application timely filed according to law.
Application for tax exemption shall be made
upon forms prescribed by the Director of the Division of Taxation
and must be filed with the Assessor within 30 days following completion
of the multiple-dwellings improvement.
[Added 5-16-2006 by Ord. No. 1691-06]
A. Said residential property must contain a building
or buildings which were constructed 20 years or more prior to the
time of the application for the exemption and are used or being held
for use in whole or in part as homes or residential dwellings which
are a consistent part of the real property.
B. This exemption shall not apply to the construction
of residential swimming pools.
C. Condominium apartments shall be limited to a maximum
$10,000 five-year abatement. However, all of the requirements of the
Residential Tax Abatement Ordinance shall be adhered to for this exemption.
D. Additional claims for the exemption may be submitted
and approved with regard to dwellings with respect to which a previous
home improvement exemption was granted in an amount less than $25,000;
provided, however, that the total deduction for any dwelling unit
shall not be in excess of the maximum of $25,000.