New Jersey § 40a:21-12

§ 40a:21-12.

a. If during any tax year prior to the termination of the tax agreement, the property

owner ceases to operate or disposes of the property, or fails to meet the conditions

for qualifying, then the tax which would have otherwise been payable for each tax

year shall become due and payable from the property owner as if no exemption and abatement

had been granted. The governing body of the municipality shall notify the property owner and tax collector

forthwith and the tax collector shall within 15 days thereof notify the owner of the

property of the amount of taxes due. However, with respect to the disposal of the property, where it is determined that

the new owner of the property will continue to use the property pursuant to the conditions

which qualified the property, no tax shall be due, the exemption and the abatement

shall continue, and the agreement shall remain in effect. b. At the termination of a tax agreement, a project shall be subject to all applicable

real property taxes as provided by State law and regulation and local ordinance;

but nothing herein shall prohibit a project, at the termination of an agreement, from

qualifying for and receiving the full benefits of any other tax preferences provided

by law.