The Borough of Carteret hereby acknowledges having been duly designated
as a qualified municipality pursuant to P.L. 1975, c. 104, as amended.
The entire Borough of Carteret is hereby designated as the area in which
residential buildings may be eligible for tax exemption pursuant to P.L. 1975,
c. 104, as amended.
All housing units which are in buildings at least 20 years old and which
are otherwise eligible for tax exemption pursuant to P.L. 1975, c. 104, as
amended, the regulations duly promulgated pursuant thereto and this article
shall have exempt from taxation the first $15,000 of otherwise taxable improvements
for a period of five years following completion of such improvements.
No exemption of improvements from taxation shall be allowed except pursuant
to statute and to duly promulgated regulations of the Department of Community
Affairs and the Division of Taxation.