New Jersey § 34:1b-15

§ 34:1b-15.

The exercise of the powers granted by this act , P.L.2000, c. 72 ( C.18A:7G-1 et al.) , and P.L.2007, c. 137 ( C.52:18A-235 et al.) shall constitute the performance of an essential governmental function and the authority

shall not be required to pay any taxes or assessments upon or in respect of a project

or school facilities project, or any property or moneys of the authority, and the

authority, its projects and school facilities projects, property and moneys and any

bonds and notes issued under the provisions of this act , P.L.2000, c. 72 ( C.18A:7G-1 et al.) , and P.L.2007, c. 137 ( C.52:18A-235 et al.) , their transfer and the income therefrom, including any profit made on the sale thereof,

shall at all times be free from taxation of every kind by the State except for transfer,

inheritance and estate taxes and by any political subdivision of the State; provided,

that any person occupying a project whether as lessee, vendee or otherwise shall,

as long as title thereto shall remain in the authority, pay to the political subdivision

in which such project is located a payment in lieu of taxes which shall equal the

taxes on real and personal property, including water and sewer service charges or

assessments, which such person would have been required to pay had it been the owner

of such property during the period for which such payment is made and neither the

authority nor its projects, properties, money or bonds and notes shall be obligated,

liable or subject to lien of any kind for the enforcement, collection or payment thereof. If and to the extent the proceedings under which the bonds authorized to be issued

under the provisions of this act so provide, the authority may agree to cooperate

with such person occupying a project, in connection with any administrative or judicial

proceedings for determining the validity or amount of such payments and may agree

to appoint or designate and reserve the right in and for such person to take all action

which the authority may lawfully take in respect of such payments and all matters

relating thereto, provided such person shall bear and pay all costs and expenses of

the authority thereby incurred at the request of such person or by reason of any such

action taken by such person in behalf of the authority. If such person occupying a project has paid the amounts in lieu of taxes required

by this section to be paid such person shall not be required to pay any such taxes

as to which a payment in lieu thereof has been made to the State or to any political

subdivision, any other statute to the contrary notwithstanding.