[Adopted 11-24-1998 by Ord. No. 98-13 as
Ch. 197, Art. I, of the 1998 Code]
This article is enacted to permit five-year
tax exemptions and abatements for improvements to certain properties
pursuant to the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1
et seq.
No structure or any improvements thereto shall
be eligible for exemption or abatement unless specifically set forth
herein. Eligible structures include single-family dwelling units more
than 20 years old, provided that the improvement thereto is 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 and which does not change
its use.
Notwithstanding that the value of the property
to which the improvements is made is increased, the Tax Assessor,
in determining the value of real property, shall regard the first
$25,000 in the Assessor's full and true value of improvements as not
increasing the value of the property for a period of five years. During
the exemption period, the assessment on the property shall not be
less than the assessment thereon existing prior to the improvements.
No exemption or abatement shall be granted with
respect to any property for which property taxes are delinquent or
remain unpaid or for which penalties for nonpayment of taxes are due.
An additional improvement completed on a property
granted a previous exemption or abatement during the period in which
such previous exemption or abatement is in effect shall be qualified
for an exemption or abatement just as if such property had not received
a prior 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
article, except that the assessed value of any previous improvement
shall be added to the assessed valuation as it was prior to that improvement
for the purpose of determining the assessed valuation of the property.
No exemption or abatement shall be granted except
upon written application filed with the Tax Assessor within 30 days,
including Saturdays and Sundays, following the completion of the improvement.
