Ordinance #14-04 Page 3 Section 4. Eligibility for Additional Construction or Improvement. An additional improvement or construction, completed on a property granted a previous exemption or abatement during the period in which such previous exemption or abatement is in effect, shall be qualified for an exemption and/or abatement just as if such property had not received a previous exemption or abatement. In such case, the additional improvement or construction shall be considered as separate for the purposes of calculating exemptions and abatements, except that the assessed valuation of any previous improvement or construction shall be added to the assessed valuation as it was prior to that improvement or construction for the purpose of determining the assessed valuation of the property from which any additional abatement is to be subtracted. Section 5. Applicability of Statutory Regulatory Provisions. Every application for exemption or abatement and every exemption and abatement granted shall be subject to all of the provisions of N.J.S.A. 40A:21-1 et seq., and all rules and regulations issued thereunder. Section 6. Applicability of Federal, State and Local Laws. All tax abatement and exemption agreements shall provide that the applicant is subject to all federal, state and local laws and regulations. Section 7. Equalization. The percentage which the payment in lieu of taxes bears to the property taxes which would have been paid had an abatement not been granted for the property under the agreement shall be applied to the valuation of the property to determine the reduced valuation of the property to be included in the valuation of the Township for determining equalization for county apportionment and school aid during the term of the tax abatement agreement covering the property. Section 8. Cessation or Disposition of Property. If, during any tax year prior to the determination of the tax abatement or exemption agreement, the applicant ceases to operate or disposes of the property or otherwise fails to meet the conditions of eligibility, the tax otherwise due if there had been no abatement or exemption shall become due and payable by the property owner. The Tax Assessor shall, within fifteen (15) days thereof, notify the owner of the property of the amount of taxes due. However,
Ordinance #14-04 Page 3 Section 4. Eligibility for Additional Construction or Improvement. An additional improvement or construction, completed on a property granted a previous exemption or abatement during the period in which such previous exemption or abatement is in effect, shall be qualified for an exemption and/or abatement just as if such property had not received a previous exemption or abatement. In such case, the additional improvement or construction shall be considered as separate for the purposes of calculating exemptions and abatements, except that the assessed valuation of any previous improvement or construction shall be added to the assessed valuation as it was prior to that improvement or construction for the purpose of determining the assessed valuation of the property from which any additional abatement is to be subtracted. Section 5. Applicability of Statutory Regulatory Provisions. Every application for exemption or abatement and every exemption and abatement granted shall be subject to all of the provisions of N.J.S.A. 40A:21-1 et seq., and all rules and regulations issued thereunder. Section 6. Applicability of Federal, State and Local Laws. All tax abatement and exemption agreements shall provide that the applicant is subject to all federal, state and local laws and regulations. Section 7. Equalization. The percentage which the payment in lieu of taxes bears to the property taxes which would have been paid had an abatement not been granted for the property under the agreement shall be applied to the valuation of the property to determine the reduced valuation of the property to be included in the valuation of the Township for determining equalization for county apportionment and school aid during the term of the tax abatement agreement covering the property. Section 8. Cessation or Disposition of Property. If, during any tax year prior to the determination of the tax abatement or exemption agreement, the applicant ceases to operate or disposes of the property or otherwise fails to meet the conditions of eligibility, the tax otherwise due if there had been no abatement or exemption shall become due and payable by the property owner. The Tax Assessor shall, within fifteen (15) days thereof, notify the owner of the property of the amount of taxes due. However,
14-04_-_Providing_for_a_Five_Year_Tax_Abatement.docx