Stanley, Truitt Bill to Provide Tax Exemptions for Specially Renovated Homes Signed Into Law

STANLEY/TRUITT BILL TO PROVIDE TAX EXEMPTIONS FOR SPECIALLY RENOVATED HOMES SIGNED INTO LAW

Law Stems From Extreme Makeover: Home Edition Episode Featuring an Irvington Family Whose Home Was Destroyed by Fire

(TRENTON) - Legislation Assemblyman Craig A. Stanley and Assemblywoman Oadline D. Truitt sponsored to permit tax exemptions for certain homes that are renovated by charitable organizations or for-profit entities, like America Broadcasting Corporation's (ABC's) Extreme Makeover: Home Edition was signed into law Sunday by Acting Governor Richard J. Codey.

The law stems from a May 2006 episode of Extreme Makeover, in which the reality television show visited the Turner Family of Irvington, whose home was destroyed after faulty electrical wiring caused a devastating fire.

Despite having a neuromuscular disease, homeowner Beverly Turner was a single mother to 18 special needs children over a 20-year span. Nine of the children were left homeless after the fire. Extreme Makeover completely renovated Turner's home, which now boasts an elevator for her disabled daughter and over 5,000 square feet of living space.

"Beverly Turner dedicated her life to helping others and has provided a good and loving home to countless special children over the years," said Stanley (D-Essex). "We felt compelled to do our part in ensuring that Beverly incurs no unnecessary expenses or undue stress as a result of this truly extraordinary and well-deserved gift."

Under the law (A-3334), the owner of a residential property located within an area declared in need of redevelopment, whose home has been renovated or reconstructed by a charitable entity or by a for-profit entity using mainly donated labor, will receive a tax exemption for the increased value of the residence. The short-term exemption is not transferable.

"This measure goes a long way toward protecting owners of renovated homes, like Beverly Turner, who may otherwise be forced to move due to a significantly higher property tax bill," said Truitt (D-Essex). "If the property must ultimately be sold, it would defeat the purpose of renovating the home in the first place. This is a common-sense solution that works to help the incredible families who make our communities better places to live."

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