40:37-101.6 - Appropriation to municipality in lieu of taxes - New Jersey Statutes

40:37-101.6.  Appropriation to municipality in lieu of taxes
    The county board of taxation shall in each year calculate the sum of money in which the municipality would have derived during said year as tax revenue for local purposes from such lands, buildings and improvements in excess of said thirty-five per centum (35%) of the total area of the municipality, valued  as aforesaid, if the same had not been so taken and were not exempt from  taxation, as soon as practicable after the receipt of such certificate and  shall forthwith certify such amount to the clerk of the municipality and to the  park commission and an appropriation equal to said amount shall be included by  the park commission in its budget submitted to the board of chosen freeholders,  and by the board of chosen freeholders in its budget, for the following year  and shall be payable to the municipality on or before the first day of July of  that year and said amount shall be included by the municipality in its budget  for said year as anticipated revenue and when paid to the municipality shall be  used by the municipality for general municipal purposes.

     L.1947, c. 382, p. 1217, s. 3.  Amended by L.1948, c. 271, p. 1166, s. 4, eff.  July 27, 1948.