TAX INCENTIVES FOR BUSINESSES ALONG ROUTE 166

TAX INCENTIVES FOR BUSINESSES ALONG ROUTE 166

The Municipal Council recently designated Tax Blocks 3, 4, 5 and 6 as an “area in need of rehabilitation”, which designation allows the Municipal Council to, among other things, grant tax exemptions pursuant to the Five Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq., upon the adoption of an ordinance setting forth the eligibility requirements for various property structures.

The Borough will be reaching out to all businesses along Rt. 166 in the near future to discuss these tax incentives. This is an effort to provide Smart Growth, with economic and environmental incentives.

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