N.J.S.A. 40:68A-23 — Property as public property; bonds declared issued by political subdivision; bonds exempt from taxation

40:68A-23. Property as public property; bonds declared issued by political subdivision; bonds exempt from taxation All port facilities and all other property of a port authority are hereby declared to be public property of a political subdivision of the State and 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 subdivision thereof. All bonds issued pursuant to this act are hereby declared to be issued by a political subdivision of this State and for an essential public and governmental purpose and to be a public instrumentality, and such bonds, and the interest thereon and the income therefrom, and all service charges, funds, revenues and other moneys pledged or available to pay or secure the payment of such bonds, or interest thereon, shall at all times be exempt from taxation except for transfer, inheritance and estate taxes. L.1948, c. 349, p. 1398, s. 23, eff. Sept. 1, 1948.

This is the verbatim text of N.J.S.A. 40:68A-23, 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.