New Jersey S1921 increases property tax exemption amounts for improvements to single dwelling units under the "Five-Year Exemption and Abatement Law.

New Jersey S1921 amends the "Five-Year Exemption and Abatement Law" to increase the statutory property tax exemption amounts for improvements to certain dwelling units. The bill allows municipalities to exempt the first $15,000, $45,000, or $75,000 of the value of improvements to dwelling units more than 20 years old from taxation for a period of five years. This change triples the current exemption amounts of $5,000, $15,000, or $25,000. The bill also allows for abatements of up to 30% of the assessed value of the property for each year of the exemption period.

New Jersey S1921 increases property tax exemption amounts for improvements to single dwelling units under the "Five-Year Exemption and Abatement Law.

New Jersey S1921 amends the "Five-Year Exemption and Abatement Law" to increase the statutory property tax exemption amounts for improvements to certain dwelling units. The bill allows municipalities to exempt the first $15,000, $45,000, or $75,000 of the value of improvements to dwelling units more than 20 years old from taxation for a period of five years. This change triples the current exemption amounts of $5,000, $15,000, or $25,000. The bill also allows for abatements of up to 30% of the assessed value of the property for each year of the exemption period.