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Tax Break Tracker Individual Entry

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.

StateNew Jersey
Effected JurisdictionWharton Borough School District
Jurisdiction type: School District
Fiscal year ending In2019
Program nameLong 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 taxesProperty 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 dislosureOnly a portion of the reported number is allocated to the school district