There is a newer version
of
this Section
2019 New Jersey Revised Statutes
Title 40 - Municipalities and Counties
Section 40:60-25.14 - Surrender of tax exemption
Universal Citation: NJ Rev Stat § 40:60-25.14 (2019)
40:60-25.14. Surrender of tax exemption
Any municipality purchasing or intending to purchase tax exempt property as provided in this act, may, by the same or a separate instrument, contract with the owner of such tax exempt property for the surrender and extinguishment in perpetuity, with the owner's consent, of the right or privilege of tax exemption, arising out of the contract with the State; and, in that event, on the consummation of the purchase of such tax exempt property by the municipality, all right or privilege of tax exemption under the contract with the State, of the owner, successors or assigns, shall be extinguished and shall cease and determine, in perpetuity.
L.1944, c. 206, p. 731, s. 8, eff. April 21, 1944.
Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
