Shamong Township has officially approved four Redevelopment Zones. The zones are located on Oak Shade Road, Route 206, and Industrial Park. These zones will allow our commercial residents to take advantage of tax benefits granted when existing facilities are updated or rehabilitated as well as those entities who are interested in building new facilities on vacant land. The purpose of the Redevelopment Zones from the Township’s perspective is to provide a path to obtain revenue to assist in addressing the Roadway Program. The Redevelopment initiative is a win-win situation for everyone.
The nature of the tax benefits in the zones are such that there will be no monies taken away from the schools; not a penny. However, the assessed value of the upgrade or new facility will see those tax dollars going directly to the township and the commercial entity will get either a tax abatement (for rehabilitation) for a five year period or a PILOT (payment in lieu of taxes) on new facilities for up to a 20 year period. The schools continue to get their funding (and raise our taxes regardless), the township gets funding for the roadways, and our commercial residents will see a reduction in their property taxes.
The new zones are as follows:
Oak Shade Road on the west side from the office buildings to LaCampanola, Northwest corner at Indian Mills Road to the former Mac n Tots parcels, West side of Route 206 from Tuckerton Road to Willow Grove Road and the corner of 206 and Old Indian Mills road (Shamong Industrial Park).
The Redevelopment Zones maps will be posted on the Shamong Township website soon.
