Residents may be eligible for local tax breaks on home improvements through the Borough of Roselle’s five-year residential partial tax abatement program.
The borough’s program allows residents throughout the municipality to complete new construction or major improvements on their property without immediately facing the full tax increase once a project is complete.
“We are encouraging residents to take advantage of this program as it can significantly reduce the burden of the initial tax increase that comes with renovations,” said Mayor Donald Shaw. “This program is the perfect opportunity for anyone looking to improve their property, but are concerned about the tax implications.”
The partial exemption specifics are as follows:
- Up to $25,000 of the assessor’s full and true value of the improvements for each dwelling unit affected by the improvements will be considered exempt from taxation for five years.
- For instance, if a renovated home originally assessed at $100,000 were to be reassessed at $150,000 after the improvements, under this program, the assessment would be treated as $125,000 for the first five years after the renovation.
- More information is available online in the Borough Code.
“This program allows the borough to reward residents for investing in their home and property,” explained Fifth Ward Councilman John Fortuna. “We are hoping the abatement will motivate homeowners to make updates and increase curb appeal. We also hope it will encourage neighbors to spruce up their properties, enhancing entire neighborhoods.”
Improvements to and rehabilitation of homes more than 20 years old are eligible for this tax exemption, with municipal approval. Applications can only be submitted after construction has been completed and paperwork must be submitted within 30 days of the end of construction.
Any home for which property taxes or any other municipal charges are delinquent or remain unpaid, or for which penalties for nonpayment are due, are not eligible. Additionally, the abatement applies to the total property tax bill, not just the municipal portion.
For more information or for an application, please contact the Tax Assessor’s office at 908-241-4000.