New Jersey § 32:1-35.5 Exemption from taxes and assessments;  payments in lieu thereof

New Jersey Statutes

§ 32:1-35.5 — Exemption from taxes and assessments; payments in lieu thereof

New Jersey § 32:1-35.5

Title 32INTERSTATE AND PORT AUTHORITIES AND COMMISSIONS

This text of New Jersey § 32:1-35.5 (Exemption from taxes and assessments; payments in lieu thereof) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 32:1-35.5 (2026).

Text

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.

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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.