Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State: | New Jersey |
| Effected Jurisdiction: | Wharton Borough School District |
Jurisdiction type: | School District |
| Fiscal year ending In: | 2019 |
| Program name: | Long Term Tax Exemptions |
| Program purpose: | Construction/rehabilitation |
| Statutory authority: | The Long Term Tax Exemption Law (N.J.S.A 40A:20-l et seq.); N.J.S.A. 40A:20-12b |
| Abating jurisdiction(s): | Borough of Wharton |
| Applicable taxes: | Property Tax |
| Method of abatement: | Payment In Lieu of Taxes (PILOT) |
| Provisions for recapture: | In the event that the redeveloper fails to make the required Annual Service Charge payment within the required period of time which would constitute a breach of the agreement, the Borough has the right as one of the allowable remedies to proceed against the redeveloper pursuant to the In-Rem Foreclosure Act. |
| Gross revenue loss: | $968,871 |
| Reimbursement / offset: | $578,485 |
| Net revenue loss: | $390,386 |
| Type of loss: | Passive |
| Additional notes on dislosure: | Only a portion of the reported number is allocated to the school district |
