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AN ORDINANCE OF THE CITY OF NEWARK, AS AMENDED AND SUPPLEMENTED, AMENDING TITLE 10, FINANCE AND TAXATION, CHAPTER 23, FIVE-YEAR TAX EXEMPTION AND ABATEMENT, MULTIPLE SECTIONS, RESTORING STATUTORY AUTHORITY OF APPROVALS OF FIVE YEAR TAX EXEMPTIONS AND ABATEMENTS TO THE ASSESSOR AND REPEALING GRANTING OF FIVE YEAR TAX EXEMPTIONS AND ABATEMENTS FOR MULTIPLE DWELLINGS, COMMERCIAL AND INDUSTRIAL STRUCTURES.
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WHEREAS, New Jersey State Law authorizes the granting of Five Year Tax Abatements and Exemptions provided the City has enacted an enabling ordinance for the requirements and process for application and approval of Five Year Tax Abatements and/or Exemptions; and
WHEREAS, the Five Year Tax Abatements and Exemptions authorized by N.J.S.A. 40A:21-1 et seq., are automatically granted upon the filing and approval of the application by the Tax Assessor; however, the Municipal Council enacted an enabling Ordinance requiring the approval of Five Year Tax Abatements and Exemptions be by an Ordinance and Financial Agreement subject to Municipal Council approval; and
WHEREAS, there is no statutory requirement for Municipal Council approval; and
WHEREAS, the current enabling ordinance requiring Municipal Council approval by ordinance and Financial Agreement has created a backlog in securing authority to approve and implement the Five Year Tax Abatements and Exemptions by the Tax Assessor, in some instances years, negatively impacts the applicants and the City's overall economic growth; and
WHEREAS, returning the statutory authority for approval of Five Year Tax Abatements and Exemptions to the Tax Assessor, is more efficient and timely.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Additions are shown as bold underline and deletions as strike-through.
Section 1. Title 10, Finance and Taxation, Chapter 23, Five-Year Tax Exemption and Abatement, is here...
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