N.J.S.A. 40:60-25.8 — Municipality may purchase property exempt from taxation because of state contract

40:60-25.8. Municipality may purchase property exempt from taxation because of state contract Any municipality in this State may purchase property exempt from local taxation because the owner enjoys the privilege of exemption from local taxation arising out of a contract with the State which the Legislature cannot abrogate or repeal without the owner's consent, for the purpose of extinguishing in perpetuity, with the owner's consent, the privilege, arising out of such contract with the State, of exemption from local taxation as to the property so acquired and as to any other property then or thereafter owned in the municipality by such owner, successors or assigns. L.1944, c. 206, p. 729, s. 2, eff. April 21, 1944.

This is the verbatim text of N.J.S.A. 40:60-25.8, 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.