Improvements to multiple dwellings are eligible for tax exemption for a period of five years commencing with the completion of an improvement only if in an area determined to be in need of redevelopment pursuant to N.J.S.A. 40A:12A-6. The Tax Assessor’s full value of the improvements shall be regarded as not increasing the value of the property for a period of five years commencing with the completion of an improvement, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvement unless there is damage to the multiple dwellings through action of elements or force majeure sufficient to warrant a reduction. As used in this section, “improvements” shall not be construed to include an increase in the number of dwelling units nor the reduction of the total number of dwelling units to less than three. Any such exemption or abatement shall be subject to the owner and Township entering into a tax agreement as provided by N.J.S.A. 40A:21-10.
(Ord. 355-19, passed 10-28-19)