5 Year Tax Abatement-Exemption Program
The purpose of the Five Year Exemption and Abatement Law is to encourage new commercial and industrial development, thereby, increasing the commercial ratable base, whereby, alleviating some of the tax burden from the residential property owners. Additionally, new commercial and industrial development will create job opportunities within the municipality.
The Governing Body of the Township of Winslow determined that it was in the best interest of the municipality to enter into agreements with applicants for tax abatement on commercial and industrial construction projects thus providing for an abatement from real property taxation on projects for a period of up to five years, and further providing for payments in lieu of taxes to be made to the municipality.
Property Owners/Developers must meet specific requirements outlined within the Code of the Township of Winslow Chapter 66, and file an application with the township's assessor and governing body prior to receiving a construction permit. Tax Abatement Agreements are entered into on a project basis.
The Governing Body of the Township of Winslow adopted this Ordinance implementing the Tax Abatement-Exemption Program on October 28, 1997, in an effort to attract quality industrial and commercial ratables into the community.
Since the adoption of this program, the municipality has entered into over fifty Tax Abatement Agreements.
Abatement Application Packets are available in the Assessor's Office. The packet contains a copy of the township ordinance, procedures, and necessary forms for filing. There is an application fee of $300.00 along with an additional $1,000 non-refundable escrow fee due at the time of filing.
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Tax Abatement Program (5years)