32:11D-89 - Tax exemption - New Jersey Statutes

32:11D-89.  Tax exemption
    The commission, its property, functions, and activities shall be exempt from  taxation by or under the authority of any of the signatory parties or any  political subdivision thereof;  provided that in lieu of property taxes the  commission shall, as to specific projects, make payments to local taxing districts in annual amounts which shall equal the taxes lawfully assessed upon property for the tax year next prior to its acquisition by the commission for a  period of 10 years.  The nature and amount of such payments shall be reviewed  by the commission at the end of 10 years, and from time to time thereafter,  upon reasonable notice and opportunity to be heard to the affected taxing  district, and the payments may be thereupon terminated or continued in such  reasonable amount as may be necessary or desirable to take into account  hardships incurred and benefits received by the taxing jurisdiction which are  attributable to the project.

     L.1961, c. 13, p. 80, s. 14.3.