[Ord. 451, 5/9/1977, § 1]
As used in this Part, the following words and phrases shall have the meanings set forth below:
IMPROVEMENT
Repair, construction or reconstruction, including alterations and additions, having the effect of rehabilitating a structure.
[Ord. 451, 5/9/1977, § 2]
1. 
Building permit for improvements under this Part shall be granted by the Borough Engineer at the cost of $1 per permit. The building permit shall indicate the nature of the improvements and the Borough Engineer shall notify the Tax Collector of the exemption of such improvements. The information to the Tax Collector shall set forth the following information:
A. 
The date the building permit was issued for said improvements.
B. 
The type of improvements.
C. 
The cost of the improvement and such additional information as the Tax Collector may require.
[Ord. 451, 5/9/1977, § 3]
The exemption shall be in force for a period of five tax years and shall terminate thereafter.
[Ord. 451, 5/9/1977, § 4]
The exemption from taxes shall be limited to the additional assessment valuation attributable specifically to the actual costs of improvements to the residence and shall not be in excess of $10,000 per dwelling unit for improvements constructed under this Part. The exemption from taxes shall be limited to that portion of the increased assessment attributable to the improvement made under the provisions of this Part. The date of the construction shall be deemed to be the date of the issuance of the building permit.
[Ord. 451, 5/9/1977, § 5]
The exemption from taxes authorized by this Part shall be upon the property exempted and shall not terminate upon the sale or exchange of the property.