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LONG BRANCH – Home and small business owners can get a tax break on improvements to their dwellings in a new tax plan the city adopted Wednesday.
The plan, called “Fairer Long Branch,” was introduced in February and then had to be reviewed by the Planning Board. The City Council vote was pushed back further due to the COVID-19 pandemic.
The timing of the plan, which comes at a moment when tax revenue may be lost due to COVID-19 social distancing measures, didn’t deter the city from passing it.
“We’ll go through with it. I think ultimately, it will encourage people to improve their properties,” Pallone said.
The council voted 5-0 for the plan in a meeting that was live-streamed.
Long Branch: Upgrade your home or business, get a tax break under new plan
As far as the plan applies to single-family homes, duplexes and condominiums, any resident whose home is more than 20 years old can apply and get a five-year grace period on the taxes on the improvements they make up to $25,000.
Improvements that would qualify for the breaks include a new deck, kitchen, addition to the house, a permanent shed and an in-ground swimming pool.
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Small businesses, including commercial and industrial structures, can get the same deal for improvements up to $100,000.
No exemptions shall be granted for any properties where taxes are delinquent or unpaid.
After five years, the improvements would go on the tax roll.
In order to pass the measure, the mayor and City Council designated the entire city an area in need of rehabilitation in accordance with New Jersey law.
When Jersey Shore native Dan Radel is not reporting the news, you can find him in a college classroom where he is a history professor. Reach him @danielradelapp; 732-643-4072; [email protected]
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