Construction of new dwellings and multiple dwellings shall be eligible for tax exemption or abatement or both, commencing with the completion of each individual dwelling unit only if in an area determined to be in need of redevelopment pursuant to N.J.S.A. 40A:12A-6.
(A) The applicant shall furnish to the municipality all the information required by N.J.S.A. 40A:21-9. In addition, every applicant shall file the application form prescribed by the Director of the New Jersey Division of Taxation in the Department of Treasury with the Tax Assessor, as condition to approval, within 30 days, including Saturdays and Sundays and legal holidays, following the completion of the improvement. Every application for exemption or abatement or both so filed shall be approved and allowed by the Tax Assessor to the degree that the application is consistent with the provisions of this chapter, provided that the improvements for which the application is made qualifies as such pursuant to the provisions of this chapter and the tax agreement. The granting of an exemption or abatement or both and tax agreement, if appropriate, shall be recorded and made a permanent part of the official tax records of the Township, which record shall contain a notice of termination date thereof.
(B) No tax exemption or abatement shall be granted unless approved by ordinance of the Township Committee on an individual basis after review, evaluation and approval of each application for compliance with the terms of this chapter and the underlying statute, rules and regulations.
(C) The tax agreement shall provide for the applicant to pay to the Township in lieu of full property, tax payments to an amount annually to be computed on a “Tax Phase-in” basis.
(Ord. 355-19, passed 10-28-19)