# N.J. Stat. § 40A:21-7: Limits on exemptions for commercial, industrial structures

> New Jersey · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-7

## Section

- **Citation:** N.J. Stat. § 40A:21-7
- **Heading:** Limits on exemptions for commercial, industrial structures
- **Jurisdiction:** New Jersey
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NJ Code / Title 40A / Chapter 21 / Section 21-7

## Text

7. If the ordinance adopted pursuant to this act shall provide for the exemption from taxation of improvements to commercial or industrial structures, it shall require that, in determining the value of real property, the municipality shall regard up to the assessor's full and true value of the improvements as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements, unless there is damage to the structure through action of the elements sufficient to warrant a reduction. The ordinance may: a. grant exemptions for all commercial and industrial improvements; b. define categories of improvements which shall be approved by the assessor upon proper application, and other categories of improvements which may be exempted only after review, evaluation and approval by the municipal governing body; or, c. authorize exemption for improvements on an individual basis after review, evaluation and approval of each application by the governing body. L.1991,c.441,s.7.

## Nearby sections

- [N.J. Stat. § 40A:21-1 Short title](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-1.md)
- [N.J. Stat. § 40A:21-2 Findings, purpose](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-2.md)
- [N.J. Stat. § 40A:21-3 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-3.md)
- [N.J. Stat. § 40A:21-4 Municipal ordinance granting exemptions or abatements.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-4.md)
- [N.J. Stat. § 40A:21-5 Limits on exemptions on abatements for dwellings](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-5.md)
- [N.J. Stat. § 40A:21-6 Limits on exemptions or abatements for multiple dwellings](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-6.md)
- [N.J. Stat. § 40A:21-6.1 Adoption of ordinance granting abatement, exemption from taxation for certain improvements to residential properties.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-6.1.md)
- [N.J. Stat. § 40A:21-6.2 Tax exemption, abatement for certain housing improvements to accommodate certain disabled persons.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-6.2.md)
- [N.J. Stat. § 40A:21-7 Limits on exemptions for commercial, industrial structures](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-7.md)
- [N.J. Stat. § 40A:21-8 Tax agreements for construction of commercial, industrial structures or multiple dwellings](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-8.md)
- [N.J. Stat. § 40A:21-9 Applications for tax agreements, requirements](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-9.md)
- [N.J. Stat. § 40A:21-10 Formula for payments under tax agreements.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-10.md)
- [N.J. Stat. § 40A:21-11 Tax agreements, duration, other law, valuation of ratables, copy to DCA.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-11.md)
- [N.J. Stat. § 40A:21-12 Failure of conditions, full taxes due, termination](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-12.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NJ_T40A_C21_S21-7. Check the current official text before relying on it. Not legal advice.