TRENTON – A measure sponsored by Senator Loretta Weinberg that would allow municipalities to grant short-term tax exemption for disabled residents who receive home renovations from charitable groups or volunteer labor received unanimous final legislative approval today in the Senate.
“I sponsored this bill to address situations where groups like the television show ‘Extreme Home Makeover’ come in and make millions of dollars worth of renovations to homes, and then because of the increased value of the home residents are not able to pay the high property taxes,” said Senator Weinberg, D-Bergen. “The people who receive these home renovations are selected because the costs exceed what they would be able to afford themselves. We want the recipients of these home renovations to be able to enjoy them, without having to struggle to come up with extra money for increased taxes while having to make ends meet.”
Senator Weinberg’s bill, S-2419, would amend the “Local Redevelopment and Housing Law” to permit municipalities to adopt an ordinance granting a five year property tax exemption or abatement for certain residential properties that have been renovated.
Instead of paying taxes on the value of the renovated home, the taxes would be determined based on a lesser value, chosen by the amount of abatement or exemption specified by the municipal ordinance.
This measure was approved by the Assembly on January 29. It now heads to the Governor’s desk where his signature would make it State law.