§ 398-16. Tax exemptions.

Tax exemptions in connection with new construction, together with conversions and/or improvements to existing structures, are authorized in the following cases only, when granted in conformance with this article:

A. 

In connection with improvements to any dwelling more than 20 years old, there shall be an exemption of the first $25,000 of the assessor's full and true value of the improvement for each dwelling unit primarily and directly affected by the improvement, but only up to the assessor's full and true value of the improvement of each such unit.

B. 

In connection with the improvements to any dwelling 20 years old or less, there shall be an exemption of 100% of the assessor's full and true value of the improvement for each dwelling unit primarily and directly affected by the improvement, not to exceed $25,000 per unit.

C. 

In connection with the construction of new dwellings or of conversions of other buildings and structures into dwellings, 25% of the assessor's full and true value of the dwelling constructed or of the conversion alterations made, not to exceed $25,000 per unit.

D. 

In connection with the improvements to multiple dwellings or of conversions of other buildings and structures to multiple dwelling use (see definition of multiple dwellings as set forth in the Hotel and Multiple Dwelling Law, N.J.S.A. 55:13A-1 et seq.), there shall be an exemption of 25% of the true value of the improvements or conversion alterations not to exceed $150,000.

E. 

In connection with improvements to commercial or industrial structures, an exemption of 25% of the assessor's full and true value of the improvements, not to exceed $150,000.