32:20-47 - Payments to municipalities in lieu of tax revenue lost as result of taking of property for public use - New Jersey Statutes

32:20-47.  Payments to municipalities in lieu of tax revenue lost as result  of taking of property for public use
    Whenever real property in New Jersey is acquired or taken in connection with  said project, the municipalities wherein such real property is located shall be  compensated for the loss of tax revenue by reason of such real property being  devoted to a public use, by the payment to the said municipalities by the  Commonwealth of Pennsylvania, or by said commission, public body or  municipality, or proportionately by said Commonwealth or said commission,  public body or municipality and by the State of New Jersey, should the State of  New Jersey become a participant in the project, annually of an amount equal to  the average annual taxes assessed against the real property during the  five-year period preceding such acquisition or taking.

     L.1953, First Sp.Sess., c. 443, p. 2431, s. 14.