2682-22 Tax Exemption and Abatement Ordinance.pdf

3 #12938269.1 to individual owners, individual residences within a cooperative, if purchased separately by the occupants thereof, and individual residences within a horizontal property regime or a condominium, but shall not include “general common elements” or “common elements” of such horizontal property regime or condominium as defined pursuant to the “Horizontal Property Act, ” P.L.1963, c. 168 (C. 46:8A-1 et seq.), or the “Condominium Act,” P.L.1969 c. 257 (C. 46:8B-1 et seq.), or of a cooperative, if the residential units are owned separately. EXEMPTION — Shall mean that portion of the assessor’s full and true value of any improvement, conversion alteration, or construction not regarded as increasing the taxable value of a property pursuant to this chapter. HORIZONTAL PROPERTY REGIME — Shall mean a property submitted to a horizontal property regime pursuant to the “Horizontal Property Act,” P.L.1963, c. 168 (C. 46:8A-1 et seq.). IMPROVEMENT — Shall mean a modernization, rehabilitation, renovation, alteration or repair which produces a physical change in an existing building or structure that improves the safety, sanitation, decency or attractiveness of the building or structure as a place for human habitation or work, and which does not change its permitted use. In the case of a multiple dwelling, it includes only improvements which affect common areas or elements, or three or more dwelling units within the multiple dwelling. In the case of a multiple dwelling or commercial or industrial structure, it shall not include ordinary painting, repairs and replacement of maintenance items, or an enlargement of the volume of an existing structure by more than thirty (30%) percent. In no case shall it include the repair of fire or other damage to a property for which payment of a claim was received by any person from an insurance company at any time during the three (3) year period immediately preceding the filing of an application pursuant to this ordinance. MULTIPLE DWELLING — Shall mean a building or structure meeting the definition of “multiple dwelling” set forth in the “Hotel and Multiple Dwelling Law,” P.L.1967, c. 76 (C. 55: 13A-1 et seq.), and means for the purpose of rehabilitation, improvement or construction the “general common elements” and “common elements” of a condominium, a cooperative, or a horizontal property regime. §22-1.3 Tax Exemption and

e purpose of rehabilitation, improvement or construction the “general common elements” and “common elements” of a condominium, a cooperative, or a horizontal property regime. §22-1.3 Tax Exemption and Abatement Program For Improvements to Residential Properties, Conversion to Residential Uses and Improvements to Certain Commercial Properties. a. There is hereby adopted and provided in the Township of West Orange a five-year tax exemption program pursuant to N.J.S.A. 40A:21-1, et seq., as amended. This program shall apply to all dwellings in the Township and provide for the exemption from real property taxation of the aggregate first twenty-five thousand ($25,000.00) dollars in Assessor’s full and true value of improvements for each dwelling unit primarily and directly affected by an improvement in any dwelling as defined in this chapter more than twenty (20) years old, as not increasing the value of such property for a period of five (5) years, notwithstanding that value of the dwelling to which such improvements are made is increased thereby. Provided, however, that during the exemption period, the assessment on said dwelling shall not be less than the assessment thereon existing