The Egg Harbor (N.J.) Township Committee approved an agreement Feb. 21 allowing Atlantic Medical Imaging to pay reduced taxes for five years, PressofAtlanticCity.com reports.
The medical imaging center opened Jan. 15. According to township administrator Peter Miller, this is the standard five-year tax-abatement program. The program intends to encourage commercial developers to build in the township.
The first year, developers pay none of the improvement value in property taxes. The taxes increase by 20 percent of that value per year, with 100 percent due in the sixth year.
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