40:11A-19 - Taxation exemption - New Jersey Statutes

40:11A-19.  Taxation exemption
    Every parking project and all property of the parking authority are hereby declared to be public property of a political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof.  All bonds are hereby declared to be issued by a political  subdivision of this State and for an essential public and governmental purpose  and to be a public instrumentality, and such bonds, and the interest thereon  and the income therefrom, and all service charges, funds, revenues and other  moneys pledged or available to pay or secure the payment of such bonds, or  interest thereon, shall at all times be exempt from taxation except for  transfer inheritance and estate taxes and taxes on transfers by or in  contemplation of death, and in lieu of taxes by political subdivisions upon the  property of a parking authority, the authority which owns or holds such  property may agree to make payments to a political subdivision for the  services, improvements or facilities furnished by it for the benefit of a  parking project.

     L.1948, c. 198, p. 991, s. 19.