The Borough of Rockaway hereby determines to utilize the authority
granted pursuant to the Exemption Law to establish the eligibility
of certain dwellings, multiple dwellings, commercial structures, and
industrial structures for exemption throughout the rehabilitation
area as provided in this article.
Terms used as defined terms herein shall have the meaning assigned
to such terms in the Exemption Law or as set forth below:
ASSESSOR
The Tax Assessor of the Borough of Rockaway.
EXEMPTION LAW
The Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1
et seq.
MULTIPLE DWELLING
Any building or structure of one or more stories and any
land appurtenant thereto, and any portion thereof, in which three
or more units of dwelling space are occupied, or are intended to be
occupied, by three or more persons who live independently of each
other. This definition shall also mean any group of 10 or more buildings
on a single parcel of land or on contiguous parcels under common ownership,
in each of which two units of dwelling space are occupied or intended
to be occupied by two persons or households living independently of
each other, and any land appurtenant thereto, and any portion thereof.
REHABILITATION AREA
The entirety of the Borough of Rockaway, which was determined
to be an area in need of rehabilitation pursuant to the adoption of
Resolution No. 36-22 on February 10, 2022, by the Borough, pursuant
to the Redevelopment Law.
REDEVELOPMENT LAW
The Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1
et seq.
The Borough hereby authorizes the utilization of an exemption
in accordance with the Exemption Law and establishes the eligibility
of five-year tax exemptions within the rehabilitation area as set
forth herein. Improvements and conversions to, and construction of,
dwellings shall be eligible for exemptions as set forth herein. Improvements
and conversions to, and construction of, multiple dwellings shall
be eligible for exemptions as set forth herein. Improvements to and
construction of commercial structures shall be eligible for exemptions
as set forth herein. Improvements to and construction of industrial
structures shall be eligible for exemptions as set forth herein.
No exemption shall be granted pursuant to this article with
respect to any property for which real estate taxes or other municipal
charges are delinquent or remain unpaid, or for which penalties and
interest for nonpayment of taxes are due.
In the event that the Borough implements a revaluation or reassessment
during the exemption period for any property, any exemptions granted
hereunder shall continue to apply but at a valuation level consistent
with the revaluation or reassessment.
The granting of an exemption for a particular property shall
not prejudice the right of the Borough to appropriately examine and
revise the assessment during the exemption period in the event the
base assessment is found to be improperly valued and assessed.
The exemption of real property taxes provided by the Borough
pursuant to this article shall apply to property taxes levied for
municipal purposes, school purposes, county government purposes, and
the purposes of funding any other property tax exemptions.
Upon final passage and publication, this article shall take
effect as provided by law.