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Borough of Somerdale, NJ
Camden County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Mayor and Council of the Borough of Somerdale 10-29-2019 by Ord. No. 2019:07[1]. Amendments noted where applicable.]
GENERAL REFERENCES
Tax Assessor — See Ch. 33, Art. X.
Tax Collector — See Ch. 33, Art. XII.
[1]
Editor's Note: This ordinance also repealed former Ch. 233, Taxation, which comprised Art. I, Abatement for Home Improvements, adopted 5-10-1978 by Ord. No. 78:11; and Art. II, Exemption for Improvements to Commercial or Industrial Structures, adopted 12-13-2008 by Ord. No. 2008:12.
The purpose of this chapter is to allow for exemptions and/or abatement of taxes for dwellings, multiple dwellings, commercial and/or industrial structures located in areas determined to be areas in need of rehabilitation or redevelopment, for improvements, conversions and/or construction of said structures.
A. 
In determining the value of real property, the first $15,000 in the assessor's value of improvements for each dwelling unit primarily and directly affected by the improvement in any dwelling more than 20 years old shall be regarded as not increasing the value of the property for a period of five years.
B. 
During the exemption, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements.
A. 
In determining the value of real property, the assessor's value of the improvements or conversions to multiple dwelling structures shall not regard the value of said improvements or conversion as increasing the value of the property for a period of five years.
B. 
During the exemption, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements or conversion.
A. 
In determining the value of real property, the assessor's value of the improvements to commercial or industrial structures shall not regard the value of said improvements as increasing the value of the property for a period of five years.
B. 
During the exemption, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements.
Any abatement or exemption from taxation for the construction of commercial, industrial or multiple-dwelling structures will require an agreement between the property owner and the Borough which agreement must be approved by the governing body by ordinance. The agreement must provide for the property owner to pay the municipality lien of full property tax payments and amount annually to be computed under one of the formulas set forth in N.J.S.A. 40A:21-10(a) through (c).
Any additional improvement, conversion or construction on a property granted a previous exemption or abatement during the period in which such previous exemption or abatement is in effect shall be qualified for an exemption or abatement just as if the property had not received a previous exemption or abatement.
No exemption or abatement may be granted unless an application on a form prescribed by the Tax Assessor is submitted by the property owner within 30 days of the project being completed.