[Adopted by Ord. No. 1992-13 (Sec. 17-1 of the 1987 Revised General Ordinances)]
Residential tax exemption shall be granted throughout the Borough
for the first $25,000 of the Tax Assessor's full and true assessed
value of home improvements for each dwelling more than 20 years old.
The value of such property shall not receive an increased assessment
for a period of five years, notwithstanding any increase in its actual
value by reason of such improvements. During said period, however,
the assessment on such dwelling shall, in no case, except that of
damage through action of the elements sufficient to warrant a reduction,
be less than the assessment thereon existing immediately prior to
such home improvements.
The amount of the improvement up to $25,000 shall be deducted
from the amount determined by the Tax Assessor on October 1 of any
year following the date of the completion of the improvement to be
the true taxable value of the improvement and shall continue to be
so treated for each of the five tax years subsequent to the original
determination by the Assessor.
Additional improvements completed during a period in which the
improved property is subject to previously granted exemption privileges
shall warrant additional deduction privileges under the terms and
conditions herein specified; however, in no tax year shall the total
deductions for any single property exceed the maximum amount of $25,000.
No exemption authorized pursuant to the provisions of this article
shall be granted or allowed except upon written application therefor
filed with and approved by the Assessor of the Borough of Red Bank.
Every such application shall be made on a form provided by the Borough
and shall be filed with the Assessor within 30 days, including Saturdays
and Sundays, following the completion of the improvement. Every application
for tax exemption for one or more improvements which qualify as improvements
and which is filed within the time specified shall be approved by
the Assessor. The granting of any such exemption shall be recorded
and made a permanent part of the official tax records of the Borough,
which record shall contain a notice of the termination date of the
exemption and the consequences of transfer of title.
As used in this article, the following definitions shall apply:
Substantially ready for the use for which it was intended.
Any building or part of a building used, to be used or held
for use as a home or residence, including accessory buildings located
on the same premises, together with the land upon which such building
is erected and which may be necessary for the fair enjoyment thereof.
The improvement of a dwelling which does not change its permitted
use and shall include the modernization, rehabilitation, renovation,
alteration or repair of the dwelling.
