New Jersey § 54:4-23a

§ 54:4-23a.

Any other law to the contrary notwithstanding, no building or other structure newly

constructed on any parcel of real property and intended for occupancy and use for

residential purposes as a single family dwelling shall be added to the assessment

list as real property subject to taxation, until a certificate of occupancy or temporary

certificate of occupancy has been issued and unless the building or other structure

is actually occupied and used for such purposes; provided, however, that such building

or structure shall be omitted from taxation for a period not to exceed 24 months. At the termination of the 24 month period or following the granting of a certificate

of occupancy or temporary certificate of occupancy and the occupation and use of the

building for residential purposes, the building or structure shall be assessed and

taxed as of the first day of the month following the date of such use for the proportionate

part of said year then remaining. For the purposes of this act, “newly constructed” refers to construction which commenced

on or after December 29, 1982. Construction will be deemed to commence on the date of the footing inspection. Nothing in this act shall be construed as applicable to any addition to, or improvement

or alteration of, any existing building or structure.