8. If the ordinance shall provide for tax agreements for the exemption and abatement from taxation for construction of commercial or industrial structures, or multiple dwellings, or both, the ordinance shall set forth procedures for entering into agreements for the exemption and abatement of real property taxes in accordance with the provisions of sections 9 through 12 of P.L.1991, c.441 (C.40A:21-9 through 40A:21-12). All tax agreements shall be applied for and granted on a project basis.
N.J. Stat. Ann. § 40A:21-8
Tax agreements for construction of commercial, industrial structures or multiple dwellings
Known as the Five-Year Exemption and Abatement Law
The act spans §§ 40A:21-1 to 40A:21-9 (23 sections).
L.1991,c.441,s.8.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.