[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.]
[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Editor's Note: This ordinance also repealed former Ch. 233,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.
