What is a requirement for new property developments to qualify for tax exemption?

To qualify for a tax exemption, new property developments must receive a certificate of occupancy, which signifies that the property has been completed in accordance with local building codes and is safe for occupancy. This certificate is crucial because it confirms that the necessary inspections have been completed and the property is ready for use. Without this official approval, the property cannot effectively be considered complete, and thus would not be eligible for tax exemption under New Jersey laws.

The process of obtaining a certificate of occupancy typically includes various inspections by local authorities to ensure compliance with safety standards, zoning laws, and other regulations. This completion requirement reflects the overarching principle that only fully finished and compliant developments can qualify for any financial incentives, including tax exemptions, thereby protecting the interests of the community and maintaining standards in property development.