§ 235-7Qualification of township.
§ 235-8Township designated to participate.
§ 235-9Qualified housing units.
§ 235-10Tax abatement procedure.
§ 235-11Implementation; receipt of applications.
The Township of Riverside, subject to required county and state approvals, is hereby acknowledged as a qualified municipality under Public Law 1975, Chapter 104, Tax Abatement on Added Assessments.
The entire Township of Riverside is designated to participate in said tax abatement on added assessments legislation.
All housing units 20 years or older shall have exempt from taxation the first $25,000 of improvements per unit for a period of five years.
The property tax abatement procedure of the Township of Riverside shall be as provided by statute and by administrative regulation of the Department of Community Affairs.
The Board of Assessors of the Township of Riverside shall implement the application of such law in the Township of Riverside and shall accept and receive applications for exemption of such improvements as qualify and shall record such applications and make them a permanent part of the official tax records of the Township of Riverside. The Board of Assessors shall within a year of the adoption of this Article supply to each residential taxpayer with an informational flyer in a form approved by the Department of Community Affairs.