58:1B-23 - Tax exemption; projects and other property; exceptions; bonds; exemption from local zoning - New Jersey Statutes

58:1B-23.  Tax exemption;  projects and other property;  exceptions; bonds;   exemption from local zoning
    a.  All projects and other property of the authority is declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State  or any political subdivision thereof;  provided, however, that when any part of  the project site not occupied or to be occupied by facilities of the project is  leased by the authority to another whose property is not exempt and the leasing  of which does not make the real estate taxable, the estate created by the lease  and the appurtenances thereto shall be listed as the property of the lessee  thereof and be assessed and taxed as real estate.  All bonds issued pursuant to  this act are declared to be issued by a body corporate and politic of the State  and for an essential public and governmental purpose and these bonds, and the  interest thereon and the income therefrom, and all funds, revenues, income and  other moneys received or to be received by the authority and pledged or  available to pay or secure the payment of the bonds, or interest thereon, shall  be exempt from taxation except for transfer inheritance and estate taxes.

    b.  Any project constructed, maintained or operated by the authority shall be exempt from compliance with local zoning regulations, but the authority shall wherever practicable adhere to the regulations.

     L.1981, c. 293, s. 23, eff. Oct. 7, 1981.