(A) In determining the value of real property for the purpose of taxation, the first $25,000 of the Tax Assessor’s full and true value of improvements made to each dwelling primarily and directly affected by completion of an improvement in any single or multi-dwelling property more than 20 years old shall be regarded as not increasing the value of such property for a period of five years, notwithstanding that the value of the dwelling to which said improvements are made has increased thereby. In no event, however, shall the assessment during that period be less than the assessment thereon existing immediately prior to such home improvements unless there shall be destruction through the action of the elements sufficient to warrant a reduction.
(B) Exception. Eligibility for a tax abatement pursuant to this chapter shall not apply, and a tax abatement applied to any property pursuant hereto shall automatically terminate, during any tax year in which a municipal-wide property revaluation takes effect in accordance with the New Jersey Tax Law, it being the intent and purpose that the revaluation year tax assessment shall include and/or account for the value of improvements that are otherwise eligible for abatement in accordance with this chapter.
(Ord. 355-19, passed 10-28-19)