2682-22 Tax Exemption and Abatement Ordinance.pdf

4 #12938269.1 immediately prior to such improvements, unless an abatement is granted pursuant to subsection b. of this section or there is damage to a dwelling through action of the elements sufficient to warrant a reduction. b. Properties for which an exemption for improvements to dwellings is granted pursuant to Section “a” above shall also receive an abatement of seven thousand five hundred dollars ($7,500) of the assessed value of property receiving the exemption as it existed immediately prior to the improvement for a period of five (5) years. c. The program shall also include exemptions for a portion of the assessed valuation of construction of new dwellings or of conversions of other buildings and structures, including underutilized public buildings to dwelling use, or both. In determining the value of real property covered by such an exemption, the Township shall regard thirty (30%) percent of the Assessor's full and true value of the dwelling constructed, or conversion alterations made, as not increasing the value of the property for five (5) years, notwithstanding that the value of the property upon which the construction or conversion occurs is increased thereby. d. This program shall also include an exemption for improvements to commercial or industrial structures, which shall be requested on an individual basis for review, evaluation and approval or disapproval by the governing body. In the case of approved exemptions for improvements to commercial or industrial structures, the Assessor shall regard the full and true value of the improvements as not increasing the value of the property for a period of five (5) years, notwithstanding that the value of the property to which the improvements are made is increased thereby. However, during this exemption 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 action of the elements sufficient to warrant an exemption. e. The program shall also provide for an exemption for improvements to multiple dwellings, or of conversions of other buildings and structures, including underutilized public buildings, to multiple dwelling use, or both, which shall be requested on an individual basis for review, evaluation and approval or disapproval by the governing body. In the case of approved

d public buildings, to multiple dwelling use, or both, which shall be requested on an individual basis for review, evaluation and approval or disapproval by the governing body. In the case of approved exemptions, in determining the value of real property the Township shall regard up to the Assessor’s full and true value of the improvements or conversion alterations as not increasing the value of the property for a period of five (5) years, notwithstanding that the value of the property to which the improvements or conversion alterations are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements or conversion alterations, unless there is damage to the multiple dwelling through action of the elements sufficient to warrant a reduction. §22-1.4. Application Procedure.