TRENTON – Legislation sponsored by Senator Ronald L. Rice, to authorize a municipality to grant two-year tax exemptions for beautification improvements on older buildings, was approved by the full Senate today.
“The purpose of the bill is to help property owners take on beautification and repair projects that they may not be able to afford without being given a break on their taxes’” said Senator Rice, D-Essex. “When you help owners clean up their places, you are actually helping provide a safe and aesthetically pleasing environment for everyone to enjoy. The improvements will certainly help enhance the municipality, and improve the overall quality of life for those in the area.”
The bill, S-530, would authorize municipalities to adopt a facade and frontage renewal district where at least 40 percent of the buildings are 30 years or older. The bill would also provide a two-year tax exemption for property taxes levied for municipal, school, county and government purposes.
“I am hoping that many municipalities take full advantage of this tax incentive, and make needed repairs and improvements to their older buildings,” said Senator Rice. “By cleaning up, and fixing older properties, we are able to help revitalize the area. Businesses that are able to use the tax exemption and focus on making upgrades will certainly benefit financially in the long run.”
The bill now heads to the Assembly for consideration.