Source: https://www.ecode360.com/16172084
Timestamp: 2019-10-17 05:10:57
Document Index: 146305139

Matched Legal Cases: ['§ 305', '§ 305', '§ 305', '§ 305', '§ 305', '§ 305', '§ 305', '§ 305', '§ 305', '§ 305']

Borough of Lindenwold, NJ Taxation
Ch 305 Art I Abatement for Commercial and Industrial Properties
§ 305-1 Types of construction eligible for abatement.
§ 305-2 Application for abatement.
§ 305-3 Determination of value of property.
Ch 305 Art II Exemption for Residential Property
§ 305-4 Exemptions authorized.
§ 305-5 Determination of real property value.
§ 305-6 Assessment.
§ 305-7 Amounts deducted.
§ 305-8 Additional improvements; deduction; limit to deduction.
§ 305-9 Application for exemption.
§ 305-10 Tax abatement.
Article I Abatement for Commercial and Industrial Properties
Article II Exemption for Residential Property
[Adopted 10-28-1992 by Ord. No. 916 (Ch. 185, Art. II, of the 1981 Code)]
The abatement shall apply to the new construction of commercial or industrial property upon vacant land, conversion of an existing property to a commercial or industrial use, acquiring of a use variance for commercial or industrial use of an existing structure or improvement to an existing commercial or industrial structure.
Applications for abatement from taxation shall be granted pursuant to written application therefor filed with and approved by the Assessor of the Borough of Lindenwold. Such application shall be filed with the Assessor within 30 days, including Saturday and Sunday, following the completion of the improvement, conversion or construction.
Every application for abatement shall set forth:
Plans, drawings and other documents as may be requested by the governing body to demonstrate the structure and design of the project.
In determining the value of real property, the municipality shall regard up to the Assessor's full and true value of the improvements as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the abatement period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements, unless there is damage to the structure through the action of the elements sufficient to warrant a reduction.
[Adopted 2-5-2003 by Ord. No. 1127]
The Tax Assessor of the Borough of Lindenwold is hereby directed to allow tax exemptions throughout the entire Borough of Lindenwold in accordance with the provisions of Public Law 1991, Chapter 441.[1]
In determining the value of real property for the purpose of taxation, the first $15,000 in the Assessor's full and true value of home improvements for each dwelling unit primarily and directly affected by the improvement in any single-family dwelling; two-, three- or four-family dwelling, provided the owner(s) occupies one unit; or condominium and cooperative units 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 such improvement is made is increased thereby.
The above amounts up to $15,000 shall be deducted from the amount determined by the Assessor on October 1 of any year following the completion of the improvements to be so treated for each of the five years subsequent to the original determination by the Assessor.
Additional improvements, completed during a period in which the improved property is subject to previously granted exemption privileges in an amount less than the maximum deduction permissible, shall be qualified for additional deduction privileges under terms and conditions herein specified; provided, however, that in no tax year shall the total deductions for any single property exceed $15,000.
A claimant desiring to seek the exemption to the above shall file a written application, on a form prescribed by the Director of the Division of Taxation, within 30 days, including Saturdays and Sundays, following completion of the improvement with the Tax Assessor of Lindenwold pursuant to the directions of Public Law 1991, Chapter 441.
[Added 6-28-2017 by Ord. No. 2017-10]
Residential properties that receive a tax exemption pursuant to this article, may obtain a tax abatement of up to 30% of the exemption amount, to be deducted from the current tax assessment on the property, upon submission and approval of an application submitted to the Tax Assessor, on a form prescribed by the Director of the Division of Taxation, and submitted within the time prescribed for tax exemption applications, as set forth in this article. The tax abatement will be granted at the discretion of the Tax Assessor, and shall serve as an abatement upon the residential property, for a period of five years, subsequent to approval by the Tax Assessor.