N.J.S.A. 32:1-35.5 — Exemption from taxes and assessments; payments in lieu thereof

32:1-35.5. Exemption from taxes and assessments; payments in lieu thereof The Port Authority shall be required to pay no taxes or assessments upon any of the property acquired or used by it for air terminal purposes; but this shall not be construed to prevent the Port Authority and municipalities from entering into agreements for the payment of fair and reasonable sums by the Port Authority annually in accordance with legislation heretofore adopted by the two States, to the end that such municipalities may not suffer undue loss of taxes and assessments by reason of the acquisition and ownership of property by the Port Authority for air terminal purposes. L.1947, c. 43, p. 120, s. 5.

This is the verbatim text of N.J.S.A. 32:1-35.5, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.