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Tag: Redevelopment

Do You Qualify for the New Jersey PILOT Program?

By Alexander J. Narcise and Michael Kroll Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from full property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers...

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