Tax Breaks For Historic Developments Considered In Long Valley

LONG VALLEY, NJ — Tax breaks might be coming to certain developers withing Long Valley.

The Washington Township Committee plans to discuss an ordinance which calls for the addition of a tax abatement program as a way to encourage development within the township’s three historic districts.

According to the proposed ordinance, the township is considering providing a five-year exemption of 30 percent of the tax assessor's full and true value following the construction of new dwellings.

To qualify for the exemption, all dwellings must be more than 20 years old and must undergo improvements that result in a physical change that improves the structure's safety, sanitation, decency, or attractiveness without changing its permitted use.

The proposed program, according to the ordinance, would also be available to commercial and industrial properties. To qualify for exemption, improvements to an industrial site must be made to both the interior and exterior of a structure. Only improvements costing less than $1,000,000 will be exempt.

This ordinance is expected to go into effect following final approval, and it will allow the township to grant exemptions for up to five years.

According to the committee, tax abatement programs authorized by statute benefit developers, and the committee hopes that introducing one will encourage development in the township's three historic districts.

Other property owners who want to seek tax exemption for industrial improvements that do not meet the official requirements can do so by submitting a separate application to the township committee.

The application requirements are listed on the townships website.

Members of the Washington Township Committee intend to discuss this issue at the Nov. 21 Committee Meeting, which is set to begin at 7 p.m. Click here to view the full agenda, including a sample resolution.