Property
Tax Exemptions and Abatements
A
project is an "area in need of redevelopment" can
qualify for a long-term tax exemption, under an agreement to
make payments in lieu of such taxes, lasting up to 35 years,
and/or for five-year exemption and abatement. Both processes
are administered by individual municipalities.
Neighborhood
Revitalization Tax Credit Program
The Neighborhood Revitalization Tax Credit Program (NRTC) offers
business entities a 50 percent tax credit against various New
Jersey State taxes. Credits are provided to businesses that
invest in the revitalization of low and moderate-income neighborhoods
in eligible cities such as Jersey City by supporting the implementation
of a neighborhood revitalization plan developed by a community-based
nonprofit. A total of $10 million per year is available in tax
credits, generating a total neighborhood revitalization investment
of $20 million.
