Title
AN ORDINANCE AMENDING TITLE X, FINANCE AND TAXATION, CHAPTER 23, FIVE-YEAR TAX EXEMPTION AND ABATEMENT, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING MULTIPLE SECTIONS AND REINSTATING THE GRANTING OF FIVE YEAR TAX EXEMPTIONS AND ABATEMENTS FOR MULTIPLE DWELLINGS, COMMERCIAL AND INDUSTRIAL STRUCTURES.
No Action Taken 6F-c 111323
Deferred 6F-c 112123
Deferred 6F-a 120623
Deferred 6F-a 122023
Deferred 6F-a 011024
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WHEREAS, the Municipal Council adopted Ordinance 6PSF-I(S) on June 21, 2022 (the "Repealing Ordinance), repealing the granting of Five Year Tax Exemptions and Abatements for Multiple Dwellings, Commercial and Industrial Structures; and
WHEREAS, after further review and consideration, the Repealing Ordinance had unintended consequences to residents, property owners, and business owners of the City of Newark (the "City"); and
WHEREAS, the Municipal Council finds it in the best interest of the City to reinstate the Five Year Exemptions and Abatements for Multiple Dwellings, Commercial and Industrial Structures.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Note: Additions are shown in Bold and Underlined. Deletions are shown in Strikeouts.
SECTION 1. Title X, Finance and Taxation, Chapter 23, Five-Year Tax Exemption and Abatement, of the Revised General Ordinances of the City of Newark, New Jersey, 2000, is amended and supplemented, to amend multiple sections and reinstating the granting of five-year tax exemptions and abatements for multiple dwellings, commercial and industrial structures as follows:
CHAPTER 23, Five-Year Tax Exemption and Abatement
? 10:23-1 STATEMENT OF INTENTION.
The City of Newark pursuant to N.J.S.A. 40A:21-1 et seq., makes known its intention to utilize the tax exemption and abatement provision authorized by the State legislature to provide five year exempt...
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