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New Jersey Statutes, Title: 40A, MUNICIPALITIES AND COUNTIES
Chapter 12a:
Section: 40A:12a-86: Exemption from property taxation.
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.
This section added to the Rutgers Database: 2019-08-13 16:55:10.
Older versions of 40a:12a-86 (if available):
Court decisions that cite this statute:
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