40:68A-61 - Payments in lieu of taxes - New Jersey Statutes

40:68A-61.  Payments in lieu of taxes
    Every municipal port authority and every municipality in which any property  of the municipal port authority is located are hereby authorized and empowered  to enter into agreements with respect to the payment by the municipal port  authority to such municipality of annual sums of money in lieu of taxes on such  property in amount not less than the amount of taxes last paid on such property  prior to its acquisition by the municipal port authority, or such other agreed  amount computed on the basis of the assessed value of real property without  improvements, and each such municipal port authority is empowered to make such  payments and each such municipality is empowered to accept such payments and to  apply them in the manner in which taxes may be applied in such municipality.

     L.1960, c. 192, p. 830, s. 33, eff. Feb. 15, 1961.