More projects in a Hudson County town that is already one of the most densely populated municipalities in the country could soon qualify for tax exemptions.
The Guttenberg Town Council is considering an ordinance that would amend the community’s five-year tax exemption and abatement rules in areas that were designated in March 2017 as being in need of rehabilitation.
The proposed ordinance states in part that “the Town believes that improvements to, and the revitalization of, the Rehabilitation Area are of great importance to the Town as a whole, especially as the nation, state and Town address the effects of COVID-19 on the economy and development projects in the Town.”
Currently, five-year tax exemptions for multi-family developments can only be given to projects with a minimum of 12 units, according to the proposed ordinance. However, these changes would allow for the minimum unit count to be lowered to 10.
This is not the first time that the Guttenberg Town Council has discussed changing tax exemption rules. The proposed ordinance mentions that in April 2017, an ordinance was adopted requiring projects to have a minimum of 16 units in order to qualify for these tax exemptions. An ordinance in March 2019 reduced that number to the current minimum of 12.
This ordinance was introduced on June 22, according to a notice. It is scheduled to go before the Guttenberg Town Council for final passage on Monday, July 27 at 7:00 p.m.
This comes as neighboring North Bergen has plans to authorize tax exemptions in its Urban Enterprise Zone.
Note to readers: The dates that matters are scheduled to be discussed by the Guttenberg Town Council and other commissions are subject to change.
