[Adopted 6-10-1982 by Ord. No. 962]
The Borough of Palisades Park, subject to required county and state
approvals, is hereby acknowledged as a qualified municipality under P.L. 1975,
c. 104, as amended by P.L. 1977, c. 284, Residential Property Tax Abatement
on Added Assessments.
The entire Borough of Palisades Park is designated to participate in
said tax abatement on added assessments legislation.
All housing units 20 years or older shall have exempt from taxation
the first $10,000 of improvements per unit for a period of five years.
The property tax abatement procedure of the Borough of Palisades Park
shall be as provided by statute and by administrative regulation of the Department
of Community Affairs.
The Tax Assessor of the Borough of Palisades Park shall implement the
application of such law and shall accept and receive applications for exemption
of improvements as qualified and record such applications and make them a
permanent part of the official tax records of the Borough of Palisades Park.
The Tax Assessor shall, within one year of the adoption of this article, supply
to each residential taxpayer notice of this article in a form approved by
the Department of Community Affairs.