32:1-35.5 - Exemption from taxes and assessments; payments in lieu thereof - New Jersey Statutes

32:1-35.5.  Exemption from taxes and assessments;  payments in lieu thereof
    The Port Authority shall be required to pay no taxes or assessments upon any  of the property acquired or used by it for air terminal purposes;  but this  shall not be construed to prevent the Port Authority and municipalities from  entering into agreements for the payment of fair and reasonable sums by the  Port Authority annually in accordance with legislation heretofore adopted by  the two States, to the end that such municipalities may not suffer undue loss  of taxes and assessments by reason of the acquisition and ownership of property  by the Port Authority for air terminal purposes.

     L.1947, c. 43, p. 120, s. 5.