As used in this article, the following terms shall have the
meanings indicated:
ABATEMENT
That portion of assessed value of a property as it existed
prior to construction of a building or structure thereon which is
exempted from taxation pursuant to this article.
ASSESSOR
The officer of the Township of Carneys Point charged with
the duty of assessing real property for the purpose of general taxation.
COMMERCIAL or INDUSTRIAL STRUCTURE
Structure or part thereof for the manufacturing, processing
or assembling of material or manufactured products, or for research,
office, industrial, commercial, retail, recreational, hotel or motel
facilities, or warehousing purposes, or for any combination thereof,
which the governing body determines will tend to maintain or provide
gainful employment within the municipality, maintain or increase the
tax base of the municipality and maintain or diversify and expand
commerce within the municipality. It shall not include any structure
or part thereof used or to be used by any business relocation from
another qualifying municipality.
COMPLETION
Substantially ready for the intended use for which a building
or structure is constructed, improved or converted.
CONSTRUCTION
The provision of a commercial or industrial structure or
the enlargement of the volume of an existing commercial or industrial
structure by more than 30%, but shall not mean the conversion of an
existing building or structure to another use.
EXEMPTION
That portion of the Assessor's full and true value of
any improvement, conversion, alteration or construction not regarded
as increasing the taxable value of a property pursuant to this Act.
IMPROVEMENT
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 permitted use. In the case of a commercial or
industrial structure, it shall not include ordinary painting, repairs
and replacement of maintenance items, or an enlargement of the volume
of an existing structure by more than 30%. In no case shall it include
the repair of fire or other damage to a property for which claim was
received by any person from an insurance company at any time during
the three-year period immediately preceding the filing of an application
pursuant to this article.
Exemptions from taxation for improvements to commercial or industrial
structures may be granted upon review, evaluation and approval of
each application on an individual basis by the governing body. In
determining the value of real property, the Township of Carneys Point
shall regard up to the Assessor's full and true value of the
improvements as not increasing the value of the property for a period
of five years, notwithstanding that the value of the property to which
the improvements are made is increased thereby. During the exemption
period, the assessment on the property shall not be less than the
assessment thereon existing immediately prior to the improvements,
unless there is damage to the structure through action of the elements
sufficient to warrant a reduction.
Abatements from taxation for construction of commercial or industrial
structures may be granted upon review, evaluation and approval of
each application on an individual basis by the governing body and
upon execution of an agreement which shall be entered into between
the Township of Carneys Point and the developer in accordance with
the procedures set forth in this article.
Upon adoption of an ordinance authorizing an agreement or agreements
for tax abatements for a particular project or projects, the Township
of Carneys Point may enter into written agreements with the applicants
for the abatement of local real property taxes. An agreement shall
provide for the applicant to pay to the Township of Carneys Point,
in lieu of full property tax payments, an amount equal to a percentage
of taxes otherwise due, according to the following schedule:
A. In the first full tax year after completion, no payment in lieu of
taxes otherwise due.
B. In the second tax year, an amount not less than 20% of taxes otherwise
due.
C. In the third tax year, an amount not less than 40% of taxes otherwise
due.
D. In the fourth tax year, an amount not less than 60% of taxes otherwise
due.
E. In the fifth tax year, an amount not less than 80% of taxes otherwise
due.
The Assessor shall determine, on October 1 of the year following
the date of the completion of an improvement or construction, the
true taxable value thereof. Except for projects subject to tax agreement
as provided herein, the amount of tax to be paid for the first full
tax year following completion shall be based on the assessed valuation
of the improvement not allowed an exemption pursuant to this article.
The property shall continue to be treated in the appropriate manner
for each of the five full years subsequent to the original determination
of the Assessor.
No exemption or abatement shall be granted pursuant to this
article with respect to any property for which property taxes are
delinquent or remain unpaid or for which penalties for nonpayment
of taxes are due.
No exemption or abatement shall be granted pursuant to this
article except upon written application therefor filed with and approved
by the Carneys Point Township Committee. Every application shall be
on a form prescribed by the Director of the Division of Taxation in
the Department of Treasury, and provided for the use of claimants
by the Township of Carneys Point, and shall be filed with the Assessor
and the Township Clerk within 30 days, including Saturdays and Sundays,
following the completion of the improvements or construction. Every
application for exemption or abatement which is filed within the time
specified shall be approved and allowed by the Township Committee
to the degree that the application is consistent with the provisions
of this article, provided that the improvement or construction for
which the application is made qualifies as an improvement or construction
pursuant to the provisions of N.J.S.A. 40A:21-1 et seq. The granting
of an exemption or tax agreement shall be recorded and made a permanent
part of the official tax records of the taxing district, which record
shall contain a notice of the termination date thereof.
Pursuant to N.J.S.A. 40A:21-20, notice of the adoption of this
article shall be included in the mailing of annual property tax bills
to each owner of a dwelling located in the Township of Carneys Point
during the first year following adoption of the article.