• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Science
  • World
  • Lifestyle
  • Tech

New Jersey’s Tax Exemption And Abatement Laws

November 22, 2019

Quick Guide to Implementing Business Intelligence, Data Warehousing & BPM

December 15, 2019

Base Tendriling Travel Expenses

December 15, 2019

Fixed Training Costs Vs Variable Training Costs

December 15, 2019

Time Estimating Your To-Do List

December 15, 2019

Do College Marketing and Enrollment Services Really Improve a University’s Enrollment Numbers?

December 15, 2019

Optimal Cost Structure and Effective Scale Economies

December 15, 2019

Film Directors – Direct the Money Before the Money Directs You

December 15, 2019

SEO Services Pricing – How Much Do You Have to Pay for SEO?

December 15, 2019

How To Study for College Classes

December 15, 2019

How Leaders Consider Conference/ Convention, And Event Planning?

December 15, 2019

Teaching Your Kids Good Money Management

December 15, 2019

The Idea-Driven Organization

December 15, 2019
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, December 15, 2019
-18 °c
Chillicious
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Bitcoin sinks to lowest level since May

    Bitcoin sinks to lowest level since May, falling $3,000 in a month as China accelerates crackdown

    General Motors strike looms over U.S. October job growth

    General Motors strike looms over U.S. October job growth

    Iraqi regime responds to mass protests with brutal crackdown

    Iraqi regime responds to mass protests with brutal crackdown

    New York City transit workers and the fight for social equality

    Australian state Labor government spearheads anti-protest laws

    Detroit Democrat John Conyers, long-standing fixture in Congress, dies at 90

    Detroit Democrat John Conyers, long-standing fixture in Congress, dies at 90

    GM execs gloat over new UAW contract in call with Wall Street investors

    GM execs gloat over new UAW contract in call with Wall Street investors

    Chicago Teachers Union preparing the betrayal of teachers’ strike

    Chicago Teachers Union preparing the betrayal of teachers’ strike

    retail sales unexpectedly decline

    US retail sales unexpectedly decline in a sign that consumer economy could be cracking

    cyber strike

    United States carried out secret cyber strike on Iran in wake of Saudi oil attack

    Trending Tags

    • Donald Trump
    • Future of News
    • Climate Change
    • Market Stories
    • Election Results
    • Flat Earth
  • Tech
    • All
    • Apps
    • Gear
    • Mobile
    • Startup

    Rap group call out publication for using their image in place of ‘gang’

    Meet the woman who’s making consumer boycotts great again

    New campaign wants you to raise funds for abuse victims by ditching the razor

    Twitter tweaks video again, adding view counts for some users

    A beginner’s guide to the legendary Tim Tam biscuit, now available in America

    India is bringing free Wi-Fi to more than 1,000 villages this year

    Betterment moves beyond robo-advising with human financial planners

    People are handing out badges at Tube stations to tackle loneliness

    Trump’s H-1B Visa Bill spooks India’s IT companies

    Oil spill off India’s southern coast leaves fisherman stranded, marine life impacted

    Trending Tags

    • Flat Earth
    • Sillicon Valley
    • Mr. Robot
    • MotoGP 2017
    • Golden Globes
    • Future of News
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports

    Meet the woman who’s making consumer boycotts great again

    New campaign wants you to raise funds for abuse victims by ditching the razor

    Twitter tweaks video again, adding view counts for some users

    A beginner’s guide to the legendary Tim Tam biscuit, now available in America

    People are handing out badges at Tube stations to tackle loneliness

    Trump’s H-1B Visa Bill spooks India’s IT companies

    Magical fish basically has the power to conjure its own Patronus

    This Filipino guy channels his inner Miss Universe by strutting in six-inch heels and speedos

    Oil spill off India’s southern coast leaves fisherman stranded, marine life impacted

    You can now play Bill Gates’ first PC game and run over donkeys on your iPhone, Apple Watch

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel

    Rap group call out publication for using their image in place of ‘gang’

    Meet the woman who’s making consumer boycotts great again

    New campaign wants you to raise funds for abuse victims by ditching the razor

    Twitter tweaks video again, adding view counts for some users

    India is bringing free Wi-Fi to more than 1,000 villages this year

    Betterment moves beyond robo-advising with human financial planners

    People are handing out badges at Tube stations to tackle loneliness

    Trump’s H-1B Visa Bill spooks India’s IT companies

    Magical fish basically has the power to conjure its own Patronus

    This Filipino guy channels his inner Miss Universe by strutting in six-inch heels and speedos

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
No Result
View All Result
Chillicious
No Result
View All Result
Home Finance Taxes

New Jersey’s Tax Exemption And Abatement Laws

in Taxes
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

P.L.1991, c.431 with final retroactive amendments effective August 5, 1992 consolidated, into one more flexible law, the various long term tax exemption laws under which municipalities may agree with private entities to undertake redevelopment projects in return for tax exemptions.

P.L.1991, c.441, effective for the first full tax year commencing after its January 18, 1992 enactment, consolidated the various five-year tax abatement and exemption laws into one, more standardized law to govern all tax abatements and exemption regardless of the type of structure.

RelatedPosts

10 Ways Baby Boomers Can Be Happier in 2018

Accounting Development in Third World Countries

The Top 10 Risks of Debt Recycling

Jan Tinbergen

Long Term Tax Exemption Law

Prior to 1993, which was the first full year of operation governed by the new Long Term Tax Exemption Law, under the provisions of N.J.S.A.40:55C-40, the “Urban Renewal Corporation and Association Law of 1961,” commonly known as the Fox-Lance Act, a qualified municipality (a municipality with “areas in need of rehabilitation”) could abate from 15 to 20 years the taxes on newly constructed industrial, commercial, cultural, or residential projects of a corporation, with profits in excess of the limited profits returned to the municipality, or from 30 to 35 years for condominium projects. Condominium projects were given 30 to 35 years in order to provide a realistic period for permanent financing. Also, prior to 1993 under the provisions of N.J.S.A.55:16-1 et seq., the “Limited-Dividend Nonprofit Housing Corporation or Association Law,” a qualified municipality could abate for up to 50 years the taxes on newly constructed housing. Further, under N.J.S.A.55:14I-1 et seq., a qualified municipality could abate for up to 50 years the taxes on newly constructed senior housing. Lastly, prior to 1993, under the provisions of N.J.S.A.40:55C-77, the “Urban Renewal Nonprofit Corporation Law of 1965,” basically the same types of properties and projects as the Fox-Lance Act could be abated for 20 to 25 years with all profits being returned to the municipality. In all cases under these property tax exemption laws in-lieu of tax payments were required.

Commencing in 1993 the provisions of N.J.S.A.40A:20-1 et seq. permitted a qualified municipality to abate the taxes on properties and projects in the same way the pre 1993 law did with the following notable exceptions:

A new, flexible in-lieu of tax formula was established with a phasing-in of payments in-lieu of taxes to occur under both the percent of gross rental formula and the percent of total project cost formula.

The formulas for computing payment in-lieu of taxes for both office projects and housing projects were changed. The minimum annual service charge for office buildings was reduced from 15 to 10 percent of the annual gross revenues of the project or units of the project. Municipalities retained the option of computing the payment in-lieu of taxes at no less than 2 percent of the total project cost or total project units cost. For housing projects the annual service charge was changed from a minimum of 15 percent to a maximum of 15 percent of annual gross revenue of the project or from a minimum 2 percent to a maximum 2 percent of the total project cost or total project unit cost.

The payment in-lieu of tax formulas remains basically unchanged for all other types of industrial, commercial or cultural projects.

Five-Year Exemption and Abatement Law

Prior to 1993, which was the first full year of operation under the new Five-Year Exemption and Abatement Law, there were three types of property to which a qualified municipality (a municipality with “areas in need of rehabilitation”) could grant a partial exemption and abatement for a five-year period.

These property types included:

Homeowner improvements (including additions and enlargements) made to one-unit or two-unit residential dwellings that were more than 20 years old. As determined by ordinance the first $4,000, $10,000 or $15,000 of increased value due to improvement on each unit could be exempted from taxation (see N.J.S.A. 54:4-3.72 to 3.79).

Commercial and industrial improvements and construction projects (with less than a 30% increase in building volume) could have the full assessed value of the improvement exempted with payments in-lieu of taxes made at 2%of project cost or 15% of annual gross revenues or an in-lieu of tax payment phased-in. (see N.J.S.A. 54:4-3.94to 3.112).

Multiple dwelling improvements or conversion of other types of structures to multiple dwellings could have up to 30% of the full value of the improvement or conversion alteration exempted. No in-lieu of tax payment was required (see N.J.S.A. 54:4-3.121 to 3.129).

Commencing in 1993 the provisions of N.J.S.A. 40A:21-1 et seq., the “Five-Year Exemption and Abatement Law,” which consolidated all provisions of the previous five-year abatement statutes, permitted a qualified municipality to grant partial exemptions and abatements on residential dwellings, non-residential structures and multiple dwellings in the same way the pre 1993 law did, with the following notable exceptions made to the new law:

A new, single definition of “areas in need of rehabilitation” was established to govern all exemptions and abatements which, if chosen, could enable an entire municipality to be designated as an area in need of rehabilitation (thus permitting new structures to facilitate infill construction).

The new five-year law also permitted, for the first time, tax abatements and exemptions for new construction of single family and multi-family dwelling units and non-residential structures rather than just improvements or enlargements to such properties.

The new law also increased the allowable maximum tax exemptions for the value added by an improvement from $4,000, $10,000, and $15,000 to $5,000, $15,000 and $25,000, respectively, as the municipal ordinance may specify.

Tags: AbatementExemptionJerseysLawsTax
Share196Tweet123Share49
Previous Post

What Happens When a Property is Sold For Back Taxes?

Next Post

AMT & Disposition of Business Or Rental Property

Related Posts

10 Ways Baby Boomers Can Be Happier in 2018

December 4, 2019
0

How can you live your best life and be happier in 2018? Here are 10 surefire ways to help you...

Accounting Development in Third World Countries

December 4, 2019
0

Most third world countries have nearly nonexistent accounting standards and lack the education to inaugurate a movement towards achieving their...

The Top 10 Risks of Debt Recycling

December 4, 2019
0

What is debt recycling?Quite often the first time you hear about debt recycling will be from a financial planner or...

Jan Tinbergen

Jan Tinbergen

December 4, 2019
0

Jan Tinbergen, (born April twelve, 1903, The Hague, Netherlands. - died June nine, 1994, Netherlands), Dutch economist observed for the...

Next Post

AMT & Disposition of Business Or Rental Property

Overview of 1031 Tax Deferred Exchange

  • Trending
  • Comments
  • Latest

Business Ethics for the Mindful Dance Professional

October 19, 2019

A beginner’s guide to the legendary Tim Tam biscuit, now available in America

August 10, 2019

3 Things You Don’t Know About Your Credit Score

October 12, 2019

Quick Guide to Implementing Business Intelligence, Data Warehousing & BPM

0

Barack Obama’s Now Mainly Focusing on Wearing This Casual Backwards Hat

0

Watch Justin Timberlake’s ‘Cry Me a River’ Come to Life in Mesmerizing Dance

0

Quick Guide to Implementing Business Intelligence, Data Warehousing & BPM

December 15, 2019

Base Tendriling Travel Expenses

December 15, 2019

Fixed Training Costs Vs Variable Training Costs

December 15, 2019
Chillicious

Copyright © 2007 Chillicious.

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Copyright © 2007 Chillicious.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
dolor suscipit elementum Donec sit quis amet, eleifend mattis sem, ut
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.