New Jersey § 40A:12A-86 Exemption from property taxation.

New Jersey Statutes

§ 40A:12A-86 — Exemption from property taxation.

New Jersey § 40A:12A-86

Title 40AMUNICIPALITIES AND COUNTIES

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Bluebook

N.J. Stat. Ann. § 40A:12A-86 (2026).

Text

13.The land banking agreement between the municipality and a land bank entity may provide that properties held by the land bank entity in trust on behalf of the municipality pursuant to section 7 of P.L.2019, c.159 (C.40A:12A-80), or acquired by the land bank entity pursuant to section 6 of P.L.2019, c.159 (C.40A:12A-79), are held in trust by the entity on behalf of the municipality for a public purpose and shall be exempt from property taxation until or unless leased or conveyed by the entity on behalf of the municipality or used by the entity for a purpose that is not eligible for exemption from taxation. L.2019, c.159, s.13.

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13. The land banking agreement between the municipality and a land bank entity may provide that properties held by the land bank entity in trust on behalf of the municipality pursuant to section 7 of P.L.2019, c.159 (C.40A:12A-80), or acquired by the land bank entity pursuant to section 6 of P.L.2019, c.159 (C.40A:12A-79), are held in trust by the entity on behalf of the municipality for a public purpose and shall be exempt from property taxation until or unless leased or conveyed by the entity on behalf of the municipality or used by the entity for a purpose that is not eligible for exemption from taxation. L.2019, c.159, s.13.