40:60-25.14 - Surrender of tax exemption - New Jersey Statutes

40:60-25.14.  Surrender of tax exemption    Any municipality purchasing or intending to purchase tax exempt property as  provided in this act, may, by the same or a separate instrument, contract with  the owner of such tax exempt property for the surrender and extinguishment in  perpetuity, with the owner's consent, of the right or privilege of tax  exemption, arising out of the contract with the State; and, in that event, on  the consummation of the purchase of such tax exempt property by the  municipality, all right or privilege of tax exemption under the contract with  the State, of the owner, successors or assigns, shall be extinguished and shall  cease and determine, in perpetuity.

     L.1944, c. 206, p. 731, s. 8, eff. April 21, 1944.