40:14B-63 - Tax exemptions - New Jersey Statutes

40:14B-63.  Tax exemptions
    Every utility system and all other property of a municipal 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, other than lands subject to assessment and taxation pursuant to Revised Statutes 54:4-3.3, 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.

     L.1957, c. 183, p. 676, s. 63, eff. Aug. 22, 1957.  Amended by L.1968, c. 328, s. 1, eff. Nov. 8, 1968.