[HISTORY: Adopted by the Mayor and Council of the Borough of Palisades Park as indicated in article histories. Amendments noted where applicable.]
[Adopted 6-10-1982 by Ord. No. 962]
The Borough of Palisades Park, subject to required county and state approvals, is hereby acknowledged as a qualified municipality under P.L. 1975, c. 104, as amended by P.L. 1977, c. 284, Residential Property Tax Abatement on Added Assessments.
Editor's Note: See now N.J.S.A. 40A:21-1 et seq.
The entire Borough of Palisades Park is designated to participate in said tax abatement on added assessments legislation.
All housing units 20 years or older shall have exempt from taxation the first $10,000 of improvements per unit for a period of five years.
The property tax abatement procedure of the Borough of Palisades Park shall be as provided by statute and by administrative regulation of the Department of Community Affairs.
The Tax Assessor of the Borough of Palisades Park shall implement the application of such law and shall accept and receive applications for exemption of improvements as qualified and record such applications and make them a permanent part of the official tax records of the Borough of Palisades Park. The Tax Assessor shall, within one year of the adoption of this article, supply to each residential taxpayer notice of this article in a form approved by the Department of Community Affairs.