[Ord. No. 26-2016]
This article shall be known as the "Five-Year Exemption Law
for Certain Structures."
[Ord. No. 26-2016]
The purpose of this article is to create procedures allowing
qualified property owners to receive property tax exemptions that
the Borough of Bloomingdale is allowed to provide pursuant to N.J.S.A.
§ 40A:21-1 et seq.
[Ord. No. 26-2016]
The entire municipality is hereby designated as an area in need
of rehabilitation. The owner of any property may avail itself of the
exemptions provided in this article.
[Ord. No. 26-2016]
a.
This article authorizes an exemption from taxation of improvements
to any property at least 20 years old for the first $25,000 of otherwise
taxable improvements for a period of five years following completion
of such improvements pursuant to N.J.S.A. § 40A:21-5 et
al.
b.
With respect to residential dwellings and the exemption that this
section provides, during the exemption period, the property assessment
shall not be less than the assessment existing on the property immediately
prior to the improvements, unless damage to the dwelling warrants
a reduction.
[Ord. No. 26-2016]
The Borough Assessor shall determine, as of October 1 of the year following the date of the completion of an improvement, conversion or construction, the true taxable value thereof. The amount of tax to be paid for the first full tax year after completion should be based on the assessed valuation of the property for the previous year, less the amount of reduction caused by damage, if any, pursuant to Section 36-4 of this article, plus any portion of the assessed valuation of the improvement, conversion or construction not entitled to an exemption pursuant to this article.
[Ord. No. 26-2016]
Additional improvements, conversions or construction completed
on a property that was granted a previous exemption pursuant to this
article during the period in which such previous exemption is in effect
shall also be qualified for an exemption, as though such property
had not received a previous exemption. In such a case, the additional
improvement, conversion or construction shall be considered separate
for purposes of calculating exemptions pursuant to this article, however,
the assessed value of any previous improvement, conversion or construction
shall be added to the assessed valuation as though it had been prior
to that improvement, conversion, alteration or construction for the
purpose of determining the assessed valuation.
[Ord. No. 26-2016]
No property shall be eligible for an exemption pursuant to this
article if any taxes are delinquent or remain unpaid, or for which
penalties for nonpayment of taxes remain due.
[Ord. No. 26-2016]
Any application for exemption pursuant to this article shall
be made upon written application filed with and approved by the Borough
Tax Assessor. Every application shall be made on a form prescribed
by the Director of the Division of Taxation in the Department of the
Treasury. The Borough will provide such form to any applicant. The
applicant must file the appropriate form with the Borough Assessor
within 30 days, including Saturdays and Sundays, of the completion
of the improvement, conversion or alteration of construction and/or
issuance of a certificate of occupancy, whichever occurs first. Any
application for exemption filed within the requisite time period shall
be approved and allowed by the Assessor and the governing body to
the degree that the application is consistent with the provisions
of the adopting ordinance. The granting of an exemption shall be recorded
and shall be made a permanent part of the official tax records of
the Borough. Borough records shall also contain a notice of termination
date.
[Ord. No. 26-2016]
On or before October 1 of each year, the Borough Council shall
report to the Director of the Division of Local Government Services
in the Department of Community Affairs, and to the Director of the
Division of Taxation in the Department of Treasury, the total amount
of real property taxes exempt within the Borough for each tax year,
pursuant to this article.
[Ord. No. 26-2016]
No exemption granted by a prior ordinance or law shall be affected
or terminated by this article. Any such exemption shall remain in
effect for the time and under the terms granted as though the ordinance
had not been superseded.
[Ord. No. 26-2016]
This article shall take effect immediately. Exemptions may be
granted for the first full tax year commencing after enactment and
for tax years thereafter.
[9-7-2021 by Ord. No. 19-2021[1]
A refund of property taxes pursuant to N.J.S.A. 54:4-3.32 shall
be granted provided that the applicant submits a complete application
to the tax assessor as required by N.J.S.A. 54:4-3.30. A retroactive
refund of property taxes as set forth in N.J.S.A. 54:4-3.32 shall
be limited to the date of the submission of a proper claim to the
Tax Assessor as required by N.J.S.A. 54:4-3.30.
