54:4-1.10 - Tax exempt real property; activity conducted for profit; tax liability of private party - New Jersey Statutes

54:4-1.10.  Tax exempt real property;  activity conducted for profit; tax liability of private party
    When real property which is exempt from taxation is used by a private party  in connection with an activity conducted for profit, and the use does not  render the real property taxable pursuant to section 1 of P.L.1949, c. 177 (C.  54:4-2.3) or otherwise, the real property shall be assessed and taxed as real  property of the private party.  The private party is subject to liability for  taxation to the same extent as though he owned the property or any portion  thereof, unless the owner consents to the taxation thereof.  For purposes of  this act,  "use"  means the right or license, express or implied, to possess  and enjoy the benefits from any real property, whether or not that right or  license is actually exercised.

     L.1984, c. 176, s. 1, eff. Nov. 2, 1984.