All improvements, conversions or construction of multiple dwellings
and commercial and industrial structures located in areas in need of rehabilitation
in the Township shall be eligible for exemptions and abatements from tax in
accordance with this article, which is being adopted pursuant to N.J.S.A.
40A:21-1 et. seq.
In the case of commercial or industrial structures, in determining the
value of the real property, the Township will regard up to the Assessor's
full and true value of the improvements as not increasing the value of the
property to which the improvements are made for a period of five years, notwithstanding
that the value of the property to which the improvements are made is increased
thereby. During the assessment period the assessment on the property shall
not be less than the assessment thereon immediately before the improvements
were made, unless there is damage to the structure through action of the elements
sufficient to warrant a reduction.