The City Council of the City of Camden hereby determines to
utilize the authority granted by P.L. 2013, c. 161 (N.J.S.A. 52:27D-489s)
to establish the eligibility of improvements to real property within
the City for exemptions.
[Amended 9-12-2023 by Ord. No. MC-5464A]
Pursuant to the authorization contained in N.J.S.A. 52:27D-489s,
the Assessor shall be authorized to grant exemptions for improvements
to real property in the City that are made after the effective date
of this article. The owner of eligible property must obtain a final
certificate of occupancy on or before September 18, 2028.
[Amended 11-10-2016 by Ord. No. MC-5011; 9-12-2017 by Ord. No. MC-5072]
In order to receive an exemption under the Economic Opportunity
Act, a qualified Garden State Growth Zone Development Entity ("GSGZDE")
shall notify the City Tax Assessor either upon the issuance of a final
certificate of occupancy or at the time the developer becomes a Garden
State Growth Zone Development Entity, so as to allow the Tax Assessor
to determine the full and true value of the improvements constructed
after September 18, 2013, as not increasing the value of the property
for the first 10 years and then increases by 10% each year of the
new improvements until the tax for the new improvements reach 100%.
A Garden State Growth Zone Development Entity shall provide to the
Tax Assessor proof that it qualifies as such entity on a yearly basis
in order to continue to receive the exemption.
Upon the expiration of the tax exemption authorized pursuant
to this article, the project shall be subject to all applicable real
property taxes, as provided by state laws and regulations and local
ordinances, provided that nothing herein shall be deemed to prohibit
the project or improvement at the termination of the agreement for
tax exemption from qualifying for and receiving the full benefits
of any other tax preference provided by law.
The exemption of real property taxes provided by the City pursuant
this article shall apply to property taxes levied for municipal purposes,
school purposes, county government purposes and for the purpose of
funding any other property tax exemptions.