2682-22 Tax Exemption and Abatement Ordinance.pdf

7 #12938269.1 property tax payments an amount equal to a percentage of taxes otherwise due, according to the following schedule: 1. In the first full year after completion, no payment in lieu of taxes otherwise due; 2. In the second full year after completion, twenty (20%) percent of taxes otherwise due; 3. In the third full year after completion, forty (40%) percent of taxes otherwise due; 4. In the fourth full year after completion, sixty (60%) percent of taxes otherwise due; 5. In the fifth full year after completion, eighty (80%) percent of taxes otherwise due. b. All tax exemptions and abatements approved by the Township of West Orange shall be in effect for no more than the five (5) full tax years next following the date of completion of the project. No tax exemption or abatement shall be granted to become effective after the tax year 2032, unless this chapter is readopted by the governing body. c. All projects subject to tax exemption and/or abatement as provided herein shall be subject to all applicable Federal, State and local laws and regulations on pollution control, worker safety, discrimination in employment, housing provision, zoning, planning and building code requirements. d. That percentage which the payment in lieu of taxes for a property bears to the property tax which would have been paid had an exemption and/or abatement not been granted for the property 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 tax apportionment and school aid during the term of the tax agreements covering the properties, and at the termination of an agreement for a property the reduced valuation procedure required under this section shall no longer apply. e. Within thirty (30) days after the execution of a tax agreement, the Township of West Orange shall forward a copy of the agreement to the Director of the Division of Local Government Services in the Department of Community Affairs. §22-1.7. Tax Payments Due Upon Disqualification of Property Owner Prior To Termination of Agreement; Termination of Agreement. a. If during any tax year prior to the termination of the tax agreement, the property owner ceases to operate or disposes of the property, or fails to meet the conditions for qualifying, then the tax which would have

tax year prior to the termination of the tax agreement, the property owner ceases to operate or disposes of the property, or fails to meet the conditions for qualifying, then the tax which would have otherwise been payable for each tax year shall become due and payable from the property owner as if no exemption and abatement had been granted. The governing body of the Township of West Orange shall notify the