[Adopted 10-15-1981 by Ord. No. 81-40]
The Borough of Carteret hereby acknowledges having been duly designated as a qualified municipality pursuant to P.L. 1975, c. 104, as amended.[1]
[1]
Editor's Note: Ch. 104 of P.L. 1975 was repealed 1-18-1992 by Ch. 441 of P.L. 1991. See now N.J.S.A. 40A:21-1 et seq.
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.
A. 
The Tax Assessor of the Borough of Carteret shall implement P.L. 1975, c. 104, as amended, in the Borough of Carteret and shall accept and receive applications for exemption of improvements from taxation and shall record such applications and retain them as a permanent part of the municipal tax records.
B. 
The Tax Collector shall, within a year of the adoption of this article, supply to each residential taxpayer a notice concerning the tax exemption program, which notice shall be in a form approved by the Department of Community Affairs.