[Adopted 5-18-1976 by Ord. No. 76-4; amended in its entirety 1-18-1994 by Ord. No. 93-30 (Ch. 201, Art. I, of the 1986 Code)]
In determining the value of real property for the purposes of
taxation, the first $25,000 in Assessor's full and true value
of home improvements for each dwelling unit, multiple-dwelling unit
or commercial and industrial structure, primarily and directly affected
by an improvement in any single or multiple dwelling and commercial
or industrial property more than 20 years old, shall not increase
the value of such property for a period of five years, notwithstanding
that the value of the property to which such improvements are made
is increased thereby; provided, however, that during said period,
the assessment on such property 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 improvements.
This article includes all properties located within the Borough
of Penns Grove.
