VENTNOR – The Board of Commissioners Sept. 25 introduced an ordinance to extend the city’s tax exemption and abatement program for another 10 years.
The city’s tax abatement program has been on the books since it was first enacted in 2014 as a way to enhance economic development following Hurricane Sandy.
The program abates that portion of property value that results from making property improvements or new construction of residential, commercial or industrial properties. The tax assessor is responsible for establishing the new taxable value of the property after the improvement, rehabilitation, or construction is completed.
The tax assessor can abate up to 30% of the full value of the property after construction for a total of five years. For commercial and industrial structures, the city provides a 100% exemption for the improvement for five years. The tax assessor will consider abatements and exemptions after the property owner submits an application. The application, along with a tax estimate worksheet is presented to the city’s business administrator, clerk, chief financial officer and solicitor for review. The commissioners approve the recommendation through a resolution.
Taxes are phased in over five years, with no tax in the first year, 20% in the second year, 40% in the third year, 60% in the fourth year, and 80% in the fifth year. Full tax is due in year six.
According to the commissioners, the tax abatement program has proven to be an effective way to encourage residents to improve their properties and eventually increase the ratable base, which stabilizes taxes.
A public hearing on Ordinance. 2025-020 will be held 5:30 p.m. Thursday, Oct. 9 at Ventnor City Hall, 6201 Atlantic Ave.
In other business, the board awarded a $997,000 contract to Dynamic Sandblasting and Painting, LLC of Eatontown to rehabilitate the N. Surrey Avenue water tower. Dynamic was the lowest of three bids received for the project.
The project is being partially funded with a $65,000 Planning and Design grant awarded by the NJDEP Technical Assistance program, and the remainder through the NJDEP I-Bank program, which provides low-cost loans for water service improvements. Repayment of all or a portion of the loan may be forgiven.
Commissioner of Public Works Lance Landgraf said the tower will be painted a lighter shade of blue.
“The darkness of that green causes the water to heat up and makes it harder to maintain a good quality of water in that tower,” Landgraf said.
The tower will be shrouded, sandblasted and painted starting in October, he said. Construction is scheduled for completion by spring 2026.
Copyright Fideri News Network 2025
